Life Partners Holdings Announces Receipt of Nasdaq Notice of Deficiency
February 04 2015 - 2:52PM
Business Wire
Life Partners Holdings Inc. (NASDAQ GS: LPHI), or the “company,”
announced today that on February 2, 2015, the company received a
letter from the Nasdaq Listing Qualifications department notifying
the company that the minimum bid price per share for its common
stock was below $1.00 for a period of 30 consecutive business days
and that the company did not meet the minimum bid price requirement
set forth in Nasdaq Listing Rule 5450(a)(1).
The company has a compliance period of 180 calendar days, or
until August 3, 2015, to regain compliance with Nasdaq's minimum
bid price requirement. If at any time during the 180-day compliance
period, the closing bid price per share of the company's common
stock is at least $1.00 for a minimum of 10 consecutive business
days, Nasdaq will provide the company a written confirmation of
compliance and the matter will be closed. In the event the company
does not regain compliance with Rule 5450(a)(1) within this
compliance period, it may be eligible for additional time. To
qualify, the company will be required to meet the continued listing
requirement for market value of publicly held shares and all other
initial listing standards, with the exception of the bid price
requirement, and will need to provide written notice of its
intention to cure the deficiency during the second compliance
period by effecting a reverse stock split, if necessary. If the
Nasdaq staff concludes that the company will not be able to cure
the deficiency, or if the company determines not to submit the
required materials or make the required representations, the
company's common stock will be subject to delisting by Nasdaq.
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 comply with
the minimum bid requirement within the 180 day compliance period,
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., and (ix) 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 case 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.
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.
LPHI-G
Life Partners Holdings Inc.Andrea Atwell,
254-751-7797Shareholder Relationsinfo@LPHI.comwww.lphi.com