Evolve Transition Infrastructure Announces Date of Effectiveness of Reverse Split

HOUSTON, June 23, 2023 (GLOBE NEWSWIRE) -- Evolve Transition Infrastructure LP (OTC: SNMP) (“Evolve”) today announced that it intends to implement its previously announced 1-for-30 reverse split (the “Reverse Split”) of its common units representing limited partner interests in Evolve (“common units”) effective after the over-the-counter market closes on July 17, 2023. The common units will begin trading on a split-adjusted basis when the over-the-counter market opens on July 18, 2023. The announcement today follows confirmation from The Financial Industry Regulatory Authority (“FINRA”) that it has received and reviewed the necessary documentation to process the Reverse Split. FINRA reserves the right to further review the Reverse Split and any additional review could potentially further delay the implementation of the Reverse Split.

As previously announced, pursuant to the Reverse Split, common unitholders will receive one common unit for every thirty common units they own at the close of trading on July 17, 2023. No fractional units will be issued in connection with the Reverse Split and unitholders who would otherwise be entitled to receive a fractional unit will instead receive a cash payment (without interest and rounded up to the nearest whole cent) based on the closing price of the common units on July 17, 2023.

The Reverse Split uniformly affects all issued and outstanding common units as well as all units under Evolve’s long term incentive plans, warrants and associated reserves. Evolve anticipates that the Reverse Split will decrease the number of common units outstanding from approximately 254.4 million to 8.5 million.

Evolve’s transfer agent, Computershare Trust Company, N.A., will adjust its records to reflect each registered unitholder’s post-split position and registered unitholders are not required to take any action in connection with the Reverse Split. Please contact Computershare Trust Company, N.,A. for further information at [phone] or by email directed to [e-mail].

Unitholders owning common units via a broker, bank, trust or other nominee will have their positions automatically adjusted to reflect the Reverse Split, subject to such broker’s particular processes, and will not be required to take any action in connection with the Reverse Split.

The new CUSIP number for the common units after the Reverse Split will be 30053M203.

ABOUT EVOLVE TRANSITION INFRASTRUCTURE LP

Evolve Transition Infrastructure LP is a publicly-traded limited partnership formed in 2005 focused on the acquisition, development and ownership of infrastructure critical to the transition of energy supply to lower carbon sources. Evolve owns natural gas gathering systems, pipelines and processing facilities in South Texas and continues to pursue energy transition infrastructure opportunities.