The SandRidge Mississippian Trust I was notified by the New York Stock Exchange that its trading was suspended this week and removed from the exchange.
The Exchange also said proceedings would be started to delist the Trust units because the Trust no longer satisfied standards. The average closing price of the Trust shares fell below $1 over a 30 consecutive trading-day period that ended May 14, 2019. The Trust was not able to regain compliance within what is known as a six-month cure period that ended November 16, 2019.
As of Tuesday, Trust units started trading under the symbol SDTTU on the OTC Pink Market which is operated by OTC Markets Group Inc. OTC Pink Market is considered to be a significantly more limited market compared to the New York Stock Exchange. The quotation of the Trust units on OTC Pink might also result in a less liquid market available for existing and potential unitholders, according to SandRidge Energy Trust I.