Amplify Energy and Juniper Capital Announce Termination of Merger Agreement
Rhea-AI Summary
Amplify Energy Corp. (NYSE: AMPY) and Juniper Capital Advisors have mutually agreed to terminate their previously announced merger agreement due to extraordinary market volatility. As part of the termination agreement, Juniper will receive an $800,000 cash payment instead of any potential termination fee.
Following this decision, Amplify has cancelled its special stockholders meeting and withdrawn the proposals outlined in its March 4, 2025 proxy statement. The company plans to provide updates on its business status, including capital allocation and free cash flow outlook, during its upcoming first quarter earnings announcement. Amplify will continue exploring strategic alternatives to maximize shareholder value, including portfolio optimization strategies.
Positive
- Company maintains flexibility to pursue other strategic alternatives
- Continued focus on portfolio optimization and shareholder value maximization
Negative
- Merger agreement with Juniper Capital terminated
- $800,000 cash payment required for termination
- Market volatility affecting strategic plans
News Market Reaction
On the day this news was published, AMPY gained 8.92%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HOUSTON, April 25, 2025 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) announced today that the Company and Juniper Capital Advisors, L.P. (“Juniper”) have entered into a mutual termination agreement (“Termination Agreement”) to terminate (the “Termination”) the previously announced Agreement and Plan of Merger (the “Merger Agreement”) in light of the extraordinary volatility in the market. In accordance with the terms of the Termination Agreement, Juniper is receiving a cash payment of
In view of the Termination, Amplify also announced its decision to cancel its special meeting of stockholders (the “Special Meeting”) and the withdrawal from consideration by the Company’s stockholders of the proposals set forth in the Company’s definitive proxy statement, as amended, filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2025.
Amplify intends to provide an update on the state of its business, including capital allocation and free cash flow outlook in the current macroeconomic environment, when it announces first quarter earnings. The Company plans to continue to evaluate strategic alternatives to maximize value to stockholders, including potential portfolio optimization strategies.
About Amplify Energy
Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), East Texas / North Louisiana, and the Eagle Ford (Non-op). For more information, visit www.amplifyenergy.com.
Forward-Looking Statements
This press release includes “forward-looking statements.” All statements, other than statements of historical fact, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve risks and uncertainties and other factors that could cause the Company’s actual results or financial condition to differ materially from those expressed or implied by forward-looking statements. Risks and uncertainties that could cause actual results to differ from expectations include: the effects of disruption caused by the announcement of the Termination and the Termination making it more difficult to maintain relationships with employees, customers, vendors and other business partners; the risk that stockholder litigation in connection with the contemplated transaction and the Termination may result in significant costs of defense, indemnification and liability; transaction costs; and actual or contingent liabilities. Please read the Company’s filings with the SEC, including “Risk Factors” in the Company’s Annual Report on Form 10-K, and if applicable, the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available on the Company’s Investor Relations website at https://www.amplifyenergy.com/investor-relations/default.aspx or on the SEC’s website at http://www.sec.gov, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. Except as required by law, the Company undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
Contacts
Amplify Energy
Jim Frew -- Senior Vice President and Chief Financial Officer
(832) 219-9044
jim.frew@amplifyenergy.com
Michael Jordan -- Director, Finance and Treasurer
(832) 219-9051
michael.jordan@amplifyenergy.com
FTI Consulting
Tanner Kaufman / Brandon Elliott / Rose Zu
amplifyenergy@fticonsulting.com
FAQ
Why did Amplify Energy (AMPY) terminate its merger with Juniper Capital?
How much is the termination payment for the cancelled AMPY-Juniper merger?
What happens to Amplify Energy's (AMPY) special stockholder meeting after the merger termination?
What are Amplify Energy's (AMPY) plans following the terminated merger?
