Life Partners Holdings, Inc. Announces Receipt of NASDAQ Letter Relating to Non-Compliance with Listing Rules
January 26 2015 - 11:41AM
Business Wire
Life Partners Holdings, Inc. (Nasdaq GS: LPHI) announced
today that on January 20, 2014, the Company received a letter from
the staff of NASDAQ advising that, because the Company filed for
protection under Chapter 11 of the U.S. Bankruptcy Code, the
Company’s securities will be delisted from the NASDAQ Stock Market
pursuant to the discretionary authority of NASDAQ under Listing
Rules 5101 and 5110(b) and IM-5101-1. The letter further provided
that the Company may request a hearing to appeal the Staff’s
determination and that such hearing request will stay the
suspension of Company’s securities pending a decision on the
appeal. In addition, quotation information for the Company’s common
stock will include an indicator of the Company’s non-compliance,
and the Company will continue to be included in a list of
non-compliant companies on the NASDAQ website.
Unless the Company requests an appeal of this determination,
trading of the Company’s common stock will be suspended at the
opening of business on January 29, 2015. The Company intends to
request a hearing to appeal the delisting determination and address
the concerns of NASDAQ arising out of the Company’s filing for
Chapter 11 protection. No assurance can be given that the appeal
will be successful. If the appeal is not successful, the Company’s
securities may be immediately eligible to be quoted on the OTC
Bulletin Board (the “OTCBB”) or the Pink Sheets if a market maker
makes application to register in and quote such securities in
accordance with SEC Rule 15c2-11 (a "Form 211") and the application
is cleared. Only a market maker, not the Company, may file a Form
211.
Life Partners Holdings, Inc. is the parent company of the
world’s oldest company engaged in the secondary market for life
insurance, commonly called “life settlements.” Since its
incorporation in 1991, Life Partners, Inc. has completed over
162,000 transactions for its worldwide client base of over 30,000
high net worth individuals and institutions in connection with the
purchase of over 6,500 policies totaling over $3.2 billion in face
value.
Safe Harbor
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: This news release contains forward-looking
statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include statements that relate to the intent, beliefs, plans or
expectations of the Company or its management, as well as any
estimates or projections for the outcome of events that have not
yet occurred at the time of this news release. All statements other
than statements of historical fact are forward-looking statements.
All forward-looking statements made by the Company are predictions
and not guarantees of future performance, involve material risks
and uncertainties and are subject to change based on factors that
are difficult to predict and that may be beyond the Company's
control. Such factors include, but are not limited to: those
described under the "Risk Factors" section and elsewhere in the
Company's most recent Quarterly Report on Form 10-Q filed with the
Securities Exchange Commission on January 14, 2015, as well as in
other past filings with the Securities and Exchange Commission; the
risk that the Company may not be able to successfully execute its
strategic steps, including for reasons outside of the Company's
control; risks and uncertainties relating to the bankruptcy filing
by the Company, including but not limited to, (i) the Company's
ability to obtain Bankruptcy Court approval with respect to motions
in the Chapter 11 cases including maintaining strategic control as
debtor-in-possession, (ii) the ability of the Company and its
subsidiaries to prosecute, develop and consummate a plan of
reorganization, (iii) the effects of the Company's bankruptcy
filing on the Company and on the interests of various constituents,
(iv) Bankruptcy Court rulings in the Chapter 11 cases as well the
outcome of all other pending litigation and the outcome of the
Bankruptcy case in general, (v) the length of time the Company will
operate under the Chapter 11 protection, (vi) risks associated with
third party motions in the Chapter 11 cases, which may interfere
with the Company's ability to develop and consummate a plan of
reorganization, (vii) the potential adverse effects of the Chapter
11 proceedings on the Company's liquidity or results of operations,
(viii) the potential adverse effects of the Chapter 11 proceedings
on regulatory and licensing agencies of our primary operating
subsidiary, Life Partners, Inc., (ix) the delisting of the
Company’s common stock, the impact of the potential trading of the
Company’s common stock on the OTCBB or Pink Sheets in the event of
delisting and the risk that a market maker may not be found willing
to sponsor the Company’s common stock on the OTCBB or the Pink
Sheets, and (x) increased legal costs to execute the Company's
reorganization, and other risks and uncertainties. The Company
cautions that the trading in the Company's securities during the
pendency of the Chapter 11 cases is highly speculative and poses
substantial risks. A plan of reorganization could result in the
Company's outstanding common stock to be diluted or extinguished
and the holders of the Company's common stock may not receive any
consideration. Accordingly, the Company's future performance and
financial results may differ materially and/or adversely from those
expressed or implied in any such forward-looking statements. You
should not place undue reliance on forward-looking statements. The
Company will not undertake to publicly update or revise its
forward-looking statements even if experience or future changes
make it clear that any projected results expressed or implied
therein will not be realized.
LPHI-G
Life Partners Holdings, Inc.Andrea Atwell,
254-751-7797Shareholder Relationsinfo@LPHI.comwww.lphi.com