MIDLAND, Texas, Sept. 20, 2018 /PRNewswire/ — Legacy Reserves Inc. (“Legacy”) and Legacy Reserves LP (the “Partnership”) (NASDAQ: LGCY) announced today the completion of the previously announced corporate reorganization of the Partnership, pursuant to which the unitholders and holders of preferred units of the Partnership became stockholders of Legacy, which will be a publicly-traded corporation (the “Transaction”). At the Partnership’s special meeting held on September 19, 2018, unitholders approved the merger agreement with approximately 99% of the votes cast. Additionally, the unitholders approved the Legacy 2018 Omnibus Incentive Plan but did not approve the classification of the Board of Directors of Legacy, which results in the Board of Directors of Legacy having a single class of directors.
Paul T. Horne, the Chairman of the Board and Chief Executive Officer of Legacy, commented, “Today marks two important milestones: first, the final step in our organization’s multi-year transition to a C-Corporation and, second, another critical achievement that positions this company for enduring success. We are grateful for the support of our stakeholders and are excited about the opportunity to build long-term shareholder value.”
Legacy will ring the Nasdaq Stock Market Opening Bell on Friday, September 21, 2018, following which, shares of Legacy are to begin trading on the Nasdaq Global Select Market under the symbol “LGCY,” which is the same symbol the Partnership’s units traded under prior to the Transaction. The ceremony, which commemorates the completion of the Transaction, will take place between 9:15 and 9:30 a.m. ET and will stream live online at https://new.livestream.com/nasdaq/live.
About Legacy Reserves Inc.
Legacy Reserves Inc. is an independent energy company engaged in the development, production and acquisition of oil and natural gas properties in the United States. Its current operations are focused on the horizontal development of unconventional plays in the Permian Basin and the cost-efficient management of shallow-decline oil and natural gas wells in the Permian Basin, East Texas, Rocky Mountain and Mid-Continent regions.