SemGroup® Corporation (“SemGroup” or the “Company”) emerged from Chapter 11 as a newly reorganized company effective November 30, 2009. SemGroup’s creditors have receive distributions of the Company’s common stock and common stock warrants as well as cash and interests in a litigation trust. Additional shares will be distributed to creditors as claims are resolved.
SemGroup’s common stock and common stock warrants are not registered with the Securities and Exchange Commission (“SEC”), nor are they listed with any national securities exchange. However, the Company anticipates that a limited trading market in SemGroup common stock may develop in the over-the-counter market with prices published in the “Pink Sheets.” The Pink Sheets is a centralized quotation service that collects and publishes market maker quotes for over-the-counter securities.
On May 5, 2010 the Company filed a registration statement on Form 10 with the SEC in order to register its Class A common stock under the Securities Exchange Act of 1934. This filing is part of the process necessary for the Company to become a reporting company under the Exchange Act. The filing is not an effective registration statement and is subject to review by the SEC. On July 23, 2010 the Company filed Form 10 Amendment No. 2 in response to initial SEC comments and including the Company's first quarter 2010 financial results. Completion of review by the SEC is a critical milestone in the process of listing the Company's common stock on a national securities exchange, which the Company expects to complete later in the year.