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Subsequent Events
3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events

Note 17. Subsequent Events

Retirement of President, Chief Executive Officer and Director

On April 1, 2020, Mr. Kenneth Mariani notified the board of directors of the Company of his decision to retire. Mr. Mariani vacated his service as President and Chief Executive Officer of the Company and as a member of the board of directors, effective April 3, 2020. Mr. Mariani’s decision to retire stems solely from personal reasons and did not result from any disagreement with the Company, the Company’s management or the board of directors.

Appointment of Interim Chief Executive Officer

Effective upon Mr. Mariani’s retirement, Mr. Martyn Willsher was appointed the Company’s Interim Chief Executive Officer. Mr. Willsher continues to serve in his role as Senior Vice President and Chief Financial Officer of the Company.

COVID-19 Pandemic and Organization of the Petroleum Exporting Countries (“OPEC”)

In March 2020, the World Health Organization declared the outbreak of COVID-19 as a pandemic, which continues to spread throughout the United States. The spread of COVID-19 has caused significant volatility in U.S. and international markets. There is significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the U.S. and international economies and, as such, the Company is unable to determine the extent of the impact caused by the COVID-19 pandemic to the Company’s operations.

In addition, in March 2020, oil prices severely declined following unsuccessful negotiations between members of OPEC and certain nonmembers, including Russia, to implement production cuts in an effort to decrease the global oversupply and to rebalance supply and demand due to the ongoing COVID-19 pandemic. In April 2020, members of OPEC and Russia agreed to temporary production reductions, but uncertainty about whether such production cuts will be sufficient to rebalance supply and demand remains and may continue for the foreseeable future. We anticipate further market and commodity price volatility for the remainder of 2020 as a result of the events described above.

Notice of Non-Compliance with New York Stock Exchange (“NYSE”) Continued Listing Standards

On April 20, 2020, the Company received written notification (the “Notice”) from the NYSE that the Company no longer satisfied the continued listing compliance standards set forth under Section 802.01C of the NYSE Listed Company Manual (“Section 802.01C”) because the average closing price of the Company’s common stock was below $1.00 over a 30 consecutive trading-day period that ended April 17, 2020. Under the NYSE’s rules, the Company has six months following receipt of the Notice to regain compliance with the minimum share price requirement.

The Company notified the NYSE of its intent to cure the deficiency and return to compliance with the NYSE’s continued listing requirements. The Company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period, the common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. Under NYSE rules, the common stock will continue to be listed on the NYSE during this six-month cure period, subject to the Company’s compliance with other continued listing requirements. The common stock symbol “AMPY” will be assigned a “.BC” indicator by the NYSE to signify that the Company currently is not in compliance with the NYSE’s continued listing requirements. If the Company fails to regain compliance with Section 802.01C during the cure period, the common stock will be subject to the NYSE’s suspension and delisting procedures.

On April 20, 2020, the NYSE made a rule filing with the SEC for relief from the $1.00 per share continued listing standard, which became immediately effective on April 21, 2020. The relief provides that the cure period will be suspended until June 30, 2020 and will recommence on July 1, 2020. The Company’s cure period under the relief has been extended to December 29, 2020.

Paycheck Protection Program

On April 24, 2020, the Company received a $5.5 million loan under the Paycheck Protection Program (the “PPP”). The PPP was established as part of the CARES Act to provide loans to qualifying businesses. The loans and accrued interest are forgivable after eight weeks provided that the borrower uses the loan proceeds for eligible purposes. At this time, the Company anticipates that a substantial majority of the loan proceeds will be forgiven under the program. The term of the Company’s PPP loan is two years with an annual interest rate of 1% and no payments of principal or interest due during the six-month period beginning on the date of the PPP loan.