HOUSTON, May 23, 2016 (GLOBE NEWSWIRE) -- LINN Energy, LLC (NASDAQ:LINE) ("LINN") and LinnCo, LLC (NASDAQ:LNCO) ("LinnCo" and together with LINN the "Companies") today announced that NASDAQ determined that LINN and LinnCo securities will be delisted from The NASDAQ Stock Market. Trading of LINN and LinnCo securities will be suspended prior to the open of the market on Tuesday, May 24, 2016, and NASDAQ will file a Form 25-NSE with the Securities and Exchange Commission, which will remove the Companies' securities from listing and registration on The NASDAQ Stock Market. LINN and LinnCo securities are expected to begin trading on the OTC Pink Sheets marketplace on Tuesday, May 24, 2016, under the symbols LINEQ and LNCOQ.
The Companies do not intend to file a plan to regain compliance or to appeal NASDAQ's determination.
The Companies can provide no assurance that its common stock will continue to trade on the OTC Pink Sheets, whether broker-dealers will continue to agree to provide public quotes of the Companies' common stock on this market, whether the trading volume of the Companies' common stock will be sufficient to provide for an efficient trading market or whether quotes for the Companies' common stock will continue on this market in the future.
ABOUT LINN ENERGY
LINN Energy's mission is to acquire, develop and maximize cash flow from a portfolio of long-life oil and natural gas assets. More information about LINN Energy is available at www.linnenergy.com.
LinnCo was created to enhance LINN Energy's ability to raise additional equity capital to execute on its acquisition and growth strategy. LinnCo is a Delaware limited liability company that has elected to be taxed as a corporation for United States federal income tax purposes, and accordingly its shareholders will receive a Form 1099 in respect of any dividends paid by LinnCo. More information about LinnCo is available at www.linnco.com.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. These statements, including those relating to the intent, beliefs, plans or expectations of the Companies are based upon current expectations and are subject to a number of risks, uncertainties and assumptions. It is not possible to predict or identify all such factors and the following list should not be considered a complete statement of all potential risks and uncertainties relating to the bankruptcy filing by the Companies, including, but not limited to: (i) the Companies' ability to obtain the Bankruptcy Court approval with respect to motions or other requests made to the Bankruptcy Court in the Chapter 11 cases, including maintaining strategic control as debtor-in-possession, (ii) the ability of the Companies and subsidiaries to negotiate, develop, confirm and consummate a plan of reorganization, (iii) the effects of the bankruptcy filing on the Companies' business and the interests of various constituents, (iv) the Bankruptcy Court rulings in the Chapter 11 cases, as well the outcome of all other pending litigation and the outcome of the Chapter 11 Cases in general, (v) the length of time that the Companies will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 proceedings, (vi) risks associated with third party motions in the Chapter 11 cases, which may interfere with the Companies' ability to confirm and consummate a plan of reorganization, (vii) the potential adverse effects of the Chapter 11 proceedings on the Companies' liquidity or results of operations, (viii) increased advisory costs to execute the Companies' reorganization, (ix) the impact of a potential NASDAQ suspension of trading and commencement of delisting proceedings on the liquidity and market price of the units representing limited liability company interests of the Companies ("units") and on the Companies' ability to access the public capital markets, (x) the uncertainty that any trading market for units will exist or develop in the over-the-counter markets, (xi) the completion of the subsequent offering period and (xii) other risks and uncertainties. These risks and uncertainties could cause actual results to differ materially from those described in the forward-looking statements. For a more detailed discussion of risk factors, please see Part I, Item 1A, "Risk Factors" of LINN and LinnCo's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other public filings for more information. The Companies assume no obligation and expressly disclaims any duty to update the information contained herein except as required by law.
LINN Energy, LLC and LinnCo, LLC Investors and Media: Clay Jeansonne, Vice President — Investor and Public Relations (281) 840-4193 Sarah Nordin, Public Relations and Media (713) 904-6605