American Spectrum Realty -- Notice of Non-Compliance from NYSE MKT
January 08 2015 - 3:33PM
Business Wire
American Spectrum Realty, Inc. (NYSE/MKT: AQQ) – a real estate
investment management and leasing company – today announced that on
January 2, 2015 it received notification from the New York Stock
Exchange (the “Exchange”) regarding the Company’s ongoing
non-compliance with NYSE MKT LLC continued listing standards.
Specifically, the Company is not in compliance with NYSE MKT
Company Guide Sections 134, 1003(a)(i), 1003(a)(ii), 1003(a)(iii),
and 1101. The Company’s non-compliance is a result of its failure
to timely file with the Securities and Exchange Commission its Form
10-Q Quarterly Reports for the periods ended March 31, 2014, June
30, 2014 and September 30, 2014, and because its stockholders’
equity before noncontrolling interest, as reported in its Annual
Report on Form 10-K, remains below compliance as of the year ended
December 31, 2013.
Also within the notification, the Exchange accepted the
Company’s December 12, 2014 plan of compliance that outlined the
Company’s initiatives to cure its delinquent filing status
pertaining to its Form 10-Q Quarterly Reports for the periods ended
March 31, 2014, June 30, 2014 and September 30, 2014. The Company’s
plan proposed targeted filing dates of January 23, 2015, February
13, 2015 and March 6, 2015, respectively.
With respect to the Company’s deficiency in stockholders’ equity
before noncontrolling interest, on September 18, 2014, the Company
submitted to the Exchange a compliance plan, in part to remedy such
deficiency. On November 10, 2014, the Exchange accepted the
Company’s September 18, 2014 plan and granted an extension to fix
its deficiency in stockholders’ equity before noncontrolling
interest by February 19, 2016.
The Exchange stipulated that the Company provide them with
updates in conjunction with its September 18, 2014 plan and
December 12, 2014 plan (the “Plans”) initiative milestones.
Additionally, the Exchange stated that they would review the
Company periodically for compliance with the initiatives outlined
in its Plans, and if the Company does not adhere to its Plans or
does not make progress consistent with its Plans, the Exchange will
initiate delisting proceedings as appropriate.
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/commercial, retail, self-storage, 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 7 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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