American Spectrum Realty -- Notice of Non-Compliance from NYSE MKT
November 14 2014 - 4:02PM
Business Wire
American Spectrum Realty, Inc. (NYSE/MKT: AQQ) – a real estate
investment management and leasing company – today announced that on
November 10, 2014, the NYSE MKT LLC (the “Exchange”) responded to
the Company’s filing of its 2013 Annual Report on Form 10-K (“Form
10-K”) and the plan of compliance which the Company submitted to
the Exchange on September 18, 2014 to address deficiencies with
respect to the Company’s stockholders’ equity and net losses.
On September 15, 2014, the Company received correspondence from
the Exchange noting that the Company had made a reasonable
demonstration of its ability to regain compliance with Sections 134
and 1101 of the NYSE MKT Company Guide (the “Company Guide”) and
the Exchange agreed to grant the Company an additional extension
until October 31, 2014 for the filing of its Form 10-K. The
Exchange further agreed that if the Company complied with the
October 31, 2014 deadline for filing its Form 10-K, the Exchange
would grant an extension to December 31, 2014 for the Company to
file its Quarterly Reports on Form 10-Q for the fiscal quarters
ended and ending March 31, June 30 and September 30, 2014 (“Forms
10-Q”).
In its correspondence of November 10, 2014 the Exchange
acknowledged that the Company had resolved the continued listing
deficiency with respect to Company Guide Sections 134 and 1101 in
that the Company had filed its Form 10-K by the extended due date
of October 31, 2014. The Exchange also reiterated that the Company
is still required to file its Forms 10-Q no later than December 31,
2014, and informed the Company that its failure to do so will
likely result in the Exchange initiating delisting proceedings.
In correspondence dated August 19, 2014, the Exchange noted that
the Company was not in compliance with Sections 1003(a)(i),
1003(a)(ii) and 1003(a)(iii) of the Company Guide due to reported
losses from continuing operations and net losses in each of the
past five fiscal years. On September 18, 2014, the Company
submitted a plan of compliance to the Exchange which outlined the
Company’s initiatives to bring the Company back into compliance
with the requirements of Sections 1003(a)(i), 1003(a)(ii) and
1003(a)(iii) of the Company Guide. Although the Exchange’s
correspondence of November 10, 2014 reiterated the Company’s
non-compliance, the Exchange further indicated that they had
reviewed the Company’s plan of compliance and accepted the plan,
granting a plan period through February 19, 2016 for the Company to
regain compliance as outlined in its plan of compliance. The
Exchange also stipulated that they be provided with quarterly
updates concurrent with the Company’s interim/annual SEC filings.
Additionally, if the Company is not in compliance with the
continued listing standards by February 19, 2016, or if the Company
does not make progress consistent with its plan of compliance, the
Exchange will initiate delisting proceedings as appropriate.
The Exchange correspondence further acknowledged that the
Company had resolved its deficiency referenced in the Exchange's
letter of October 2, 2014 with respect to Company Guide Section
1003(f)(iv) since the Company had paid its outstanding listing
fees.
Although there can be no assurances, the Company expects to
regain full compliance with the continued listing standards by
February 19, 2016.
ABOUT AMERICAN SPECTRUM REALTY, INC.
American Spectrum Realty, Inc. is a real estate investment
company that owns, through an operating partnership, interests in
office, industrial, retail, self-storage, RV parks, retail,
multi-family properties and undeveloped land throughout the United
States. American Spectrum Management Group, Inc., a wholly-owned
subsidiary of the Company, manages and leases all properties owned
by American Spectrum Realty, Inc. as well as for third-party
clients, totaling 9 million square feet in multiple states.
Website: www.asrmanagement.com
FORWARD LOOKING STATEMENTS
Certain matters discussed in this release are forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from those projected,
including the risks and uncertainties of acquiring, owning,
operating and disposing of real estate. Such risks and
uncertainties are disclosed in the Company's past and current
filings with the U.S. Securities and Exchange Commission.
American Spectrum Realty, Inc.James Hurn, (713) 706-6200General
Counseljhurn@americanspectrum.com
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