U.S.-based oil & gas explorer Linn Energy received a notice yesterday that its shares, and its operating subsidiary LinnCo’s shares would be delisted from trading on NASDAQ.
The company said that the two companies were expected to begin trading on the OTC Pink Sheets marketplace under the symbols LINEQ and LNCOQ, respectively.
Separately, the company also said yesterday it had extended its offer to exchange Linn units for shares in LinnCo, to 12 a.m. EDT on 30 June 2016. The terms of the exchange have not changed.
The purpose of the exchange offer was to permit holders of Linn’s units to maintain their economic interest in Linn through LinnCo, an entity that was taxed as a corporation, rather than a partnership, which may allow Linn unitholders to avoid future allocations of taxable income and loss, including cancellation of debt income that could result from the Chapter 11.
Roughly 12.07m shares have been exchanged so far, representing about 69% of Linn Energy’s outstanding units, the company said.