Life Partners Holdings Announces Receipt of Nasdaq Notice of Deficiency
March 12 2015 - 12:36PM
Business Wire
Life Partners Holdings Inc. (NASDAQ GS: LPHI), or the “Company,”
announced today that on March 11, 2015, the Company received a
letter from the Nasdaq Listing Qualifications department notifying
the Company that based upon its review of the Company’s market
value of publicly held shares (“MVPHS”) for the last 30 consecutive
business days, the Company no longer meets Nasdaq’s requirement of
a minimum MVPHS of $5 million as required by Nasdaq Listing Rule
5450(b)(1)(C). The Company has a compliance period of 180 calendar
days to regain compliance with Nasdaq's MVPHS requirement.
If at any time during this 180-day compliance period, the
Company’s MVPHS closes at $5 million or more for a minimum of ten
consecutive business days, Nasdaq will provide the Company written
confirmation of compliance and this matter will be closed. In the
event the Company does not regain compliance with Rule
5450(b)(1)(C) prior to the expiration of the compliance period, the
Company will receive written notification that its securities are
subject to delisting. At that time, the Company may appeal the
delisting determination. Alternatively, the Company may apply to
transfer its securities to the Nasdaq Capital Market.
The Company intends to monitor its MVPHS and may, if
appropriate, consider implementing available options to regain
compliance with the MVPHS requirement under the Rules. The Company
has submitted a hearing request relating to its previously
disclosed delisting proceedings, which is scheduled for March 19,
2015. There can be no assurance that the Company will be successful
in its appeal or will be able to regain compliance with applicable
Nasdaq Listing Rules.
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 Current Report on Form 8-K filed with the Securities
Exchange Commission on February 23, 2015 and its 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 Nasdaq’s MVPHS
and other requirements within the applicable compliance periods,
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, (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 the Company’s 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
LPHI Shareholder RelationsKristen Bickham,
254-751-7797info@LPHI.comwww.lphi.com