American Spectrum Realty – Receives Letter from the NYSE MKT that it has Determined to Initiate Delisting Proceedings
February 25 2015 - 4:30PM
Business Wire
American Spectrum Realty, Inc. (NYSE/MKT: AQQ) – a real estate
investment management and leasing company – today announced that it
has received a letter indicating that the staff of NYSE Regulation,
Inc. has determined to commence proceedings to delist the Company’s
common stock from the NYSE MKT LLC. Trading in the Company’s common
stock has been halted on a continuous basis since NYSE Regulation
initiated a trading halt on April 15, 2014. Trading in the
Company’s common stock was immediately suspended intra-day on
February 19, 2015. As determined by NYSE Regulation, the suspension
is the result of:
- the Company’s inability to complete its
outstanding SEC filings, per Sections 134 and 1101 of the NYSE MKT
Company Guide;
- the financial condition of the Company,
which is so impaired that it appears questionable, in the opinion
of the NYSE MKT, as to whether the Company will be able to continue
operations and/or meet its obligations as they mature, per Section
1003(a)(iv) of the Company Guide; and
- the Company’s failure to timely
disclose corporate events per Section 1003(d) of the Company
Guide.
As previously disclosed on November 14, 2014 and January 8,
2015, the Company had submitted plans to the NYSE MKT outlining
steps to regain compliance with the requirements of the Company
Guide and the NYSE MKT had granted the Company a period through
February 19, 2016 for the Company to regain compliance as outlined
in its plans of compliance, so long as the Company made progress
consistent with such plans. However, due to the financial condition
of the Company, the Company was unable to make progress consistent
with such plans, and accordingly, the Board has determined it to be
in the best interest of the Company and its shareholders to not
appeal NYSE Regulation’s delisting determination.
Currently, the Company’s shares of common stock are quoted on
the Pink Sheets, LLCunder the symbol “AQQS”.
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
The Company’s statements contained in this press release that
are not historical facts are forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act of 1934, as amended. Actual results may
differ materially from those included in the forward-looking
statements. The Company intends those forward-looking statements to
be covered by the safe-harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995, and the Company is including this statement for
purposes of complying with those safe-harbor provisions.
Forward-looking statements, which are based on certain assumptions
and describe future plans, strategies, intentions and expectations,
are generally identifiable by use of the words "expect," "project,"
"may," "will," "should," "could," "would," "intend," "plan,"
"propose," "anticipate," "estimate," "believe," "continue,"
"predict," "potential," or the negative of such terms and other
comparable terminology. The Company’s ability to predict results or
the actual effect of future plans or strategies is inherently
uncertain. 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.Jay Carden, 713-706-6200Chairman
of the Board, Presidentand Chief Executive Officer
American Spectrum (AMEX:AQQ)
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