Evolve Transition Infrastructure LP (SNMP) Stock Surged 35.87% Today, Here’s Why

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Evolve Transition Infrastructure LP (SNMP) stock soared 24.36% in the current-market trading session at the price of $0.51 despite no fundamental updates. Evolve, established in 2005, is a publicly-traded limited partnership. It centered on the purchase, development, expansion, and ownership of infrastructure essential to the transition of energy supply to low carbon emissions sources.

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SNMP Senior Management Transition

On 2nd December 2021, SNMP reported the completion of its earlier announced senior leadership transitions. The changes include the appointment of key members of the HOBO Renewable Diesel and the resignation of Gerald Willinger, Evolve’s Chief Executive Officer. The leadership transition became effective from 1st December 2021.

Randy Gibbs, HOBO Chief Executive Officer, became the new CEO of Evolve’s general partner and a member of its directing committee. HOBO President, Mike Keuss, has accepted to be the President and COO of SNMP’s general partner. Additionally, Jonathan Hartigan, HOBO’s Chief Financial Officer, had assumed the role of Chief Investment Officer of SNMP’s general partner.

Chief Executive Officer of Evolve, Randy Gibbs, remarked that he, Mike, and Jonathan are honored to join their new positions and direct Evolve at such a significant time. They look onward to working with Evolve as they are shifting the company towards the sustainable energy transition. It will help them create more value for their unitholders, he added.

SNMP Employment Inducement Awards

Previously on 4th November 2021, SNMP announced equity inducement awards for Mike Keuss, Randall Gibbs, and Jonathan Hartigan. The awards had granted as per Section 711 of the NYSE American Guide. Messrs. Gibbs, Hartigan, and Keuss will accept occupation with Evolve Transition Infrastructure GP, the general partner of SNMP.

The Inducement Awards had granted to the members on 3rd November 2021 under the Evolve Inducement Award Plan. The Inducement Awards classifies into three distinct tranches. The first tranche is composed of 3 million Restricted Units. Around 1.2 million Units are for both Keuss and Messrs. Gibbs and the remaining 5.5 lacs Units for Hartigan.