ECA Marcellus Trust I

ECA Marcellus Trust I's exchange filed to remove a class of its securities from listing.

listing compliance notice

Having failed to cure the price deficiency within the NYSE's six-month window, the Trust's units were suspended from NYSE trading effective July 30, 2020, with the exchange moving to delist them; the units began trading over-the-counter on OTC Pink under the new symbol "ECTM" the next day.

listing compliance notice

The NYSE warned the Trust it had fallen out of price compliance - its units' 30-day average closing price dropped below $1.00 - giving it six months to recover; the Trust noted it would not pursue a reverse split or other action to prop up the price.

listing compliance notice

The working-interest owner behind the Trust's royalties changed hands: Greylock Energy (an ArcLight Capital Partners affiliate) acquired substantially all of ECA's gas production and midstream assets, including the properties subject to the Trust's royalty interests, and assumed ECA's obligations to the Trust (the Administrative Services Agreement and a standing letter agreement to loan the Trust money to cover its liabilities).

material agreement

The amendment that fixed the size of the offer: Energy Corporation of America would swap up to 4,120,059 of the ECA Marcellus Trust I units it holds for a maximum of 3,197,385 Eastern American Natural Gas Trust depositary units, at a ratio to be set later from a 10-day average price. The pitch turns entirely on timing - NGT starts liquidating on May 15, 2013 and holders who sit still collect roughly $0.95 a unit from the net profits interest sale plus their revenue share around August 15 - and the prospectus confirms no fairness opinion or independent representative was obtained for NGT's holders.

business combination

ECA proposed consolidating its two royalty trusts: an exchange offer inviting holders of ECA's other trust, Eastern American Natural Gas Trust (NGT), to swap their depositary units for up to 3,957,527 new ECA Marcellus Trust I common units.

business combination

The Trust's formation closed: ECA conveyed perpetual overriding royalty interests in its Marcellus Shale gas properties to the Trust (plus similar interests from private ECA investors and subsidiary Eastern Marketing Corp.), alongside an Administrative Services Agreement ($60,000/year to ECA), a Development Agreement committing ECA to drill specified wells, and a Swap Agreement hedging gas prices on Trust production through March 2014 - the package of agreements that gives the Trust's units their underlying value.

capital raising announcement

ECA Marcellus Trust I's IPO underwriting agreement priced its units: sponsor Energy Corporation of America (ECA) sold 8,802,500 trust units at $20.00 each ($18.70 net to the Trust), with a 30-day option for underwriters to buy 1,320,375 more.

material agreement

the New York Stock Exchange certified ECA Marcellus Trust I's securities for listing, clearing them to begin trading.

listing compliance notice