Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events

Subsequent Events

18. SUBSEQUENT EVENTS

On April 3, 2020, the Partnership received notice (the “Notice”) from NYSE American LLC (“NYSE American”) that the Partnership is below compliance with certain of the NYSE American’s continued listing standards as set forth in Part 10 of the NYSE American Company Guide (the “Company Guide”). The Notice provides that the NYSE American’s review of the Partnership showed that the Partnership is below compliance with Section 1003(a)(i) of the Company Guide, specifically because the Partnership reported partners’ capital of less than $2,000,000 as of December 31, 2019 and had net losses in two of its three most recent fiscal years. As required by the Company Guide and the Notice, on May 4, 2020, the Partnership submitted a plan of compliance to the NYSE American addressing how the Partnership intends to regain compliance with Section 1003(a)(i) of the Company Guide by October 3, 2021.

On April 29, 2020, the Board declared that after establishing a cash reserve for the payment of certain amounts outstanding under the Credit Agreement, the Partnership did not have any available cash and, as a result, there would be no cash distribution on the Partnership’s common units. As required by the Amended Partnership Agreement, the Board declared a first quarter distribution on the Class C Preferred Units payable 100% in Class C Preferred PIK Units. Accordingly, the Partnership declared an aggregate distribution of 1,071,793 Class C Preferred PIK Units, payable on May 29, 2020 to holders of record on May 20, 2020.