CBL Properties Announces Suspension of Trading on the NYSE; Expects to Commence Trading on OTC Markets
November 03 2020 - 5:45PM
Business Wire
CBL Properties was notified by the New York Stock Exchange
(“NYSE”) of its determination to commence proceedings to delist the
Company’s common stock and to suspend trading of the Company’s
common stock (ticker symbol: CBL), the Depositary Shares each
representing a 1/10th fractional interest of a share of 7.375%
Series D Cumulative Redeemable Preferred Stock (ticker symbol:
CBLprD), and the Depositary Shares each representing a 1/10th
fractional interest of a share of 6.625% Series E Cumulative
Redeemable Preferred Stock (ticker symbol: CBLprE), due to
“abnormally low” price levels. The Company intends to appeal the
NYSE’s decision.
The Company anticipates that effective November 3, 2020, CBL’s
common stock, Depositary Shares representing interest in its Series
D Preferred Stock and Depositary Shares representing interest in
its Series E Preferred Stock, will commence trading on the OTC
Markets, operated by the OTC Markets Group, Inc., under the symbols
“CBLAQ,” “CBLDQ” and “CBLEQ,” respectively. The transition to the
over-the-counter market will not affect the Company’s business
operations. Investors can find quotes for the Company’s common
stock on www.otcmarkets.com.
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and
manages a national portfolio of market-dominant properties located
in dynamic and growing communities. CBL’s portfolio is comprised of
107 properties totaling 66.7 million square feet across 26 states,
including 65 high-quality enclosed, outlet and open-air retail
centers and 8 properties managed for third parties. CBL seeks to
continuously strengthen its company and portfolio through active
management, aggressive leasing and profitable reinvestment in its
properties. For more information, visit cblproperties.com.
Information included herein contains “forward-looking
statements” within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy and some of which might
not even be anticipated. Future events and actual events, financial
and otherwise, may differ materially from the events and results
discussed in the forward-looking statements. The reader is directed
to the Company’s various filings with the Securities and Exchange
Commission, including without limitation the Company’s Annual
Report on Form 10-K and the “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” included therein,
for a discussion of such risks and uncertainties.
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version on businesswire.com: https://www.businesswire.com/news/home/20201103005775/en/
Investor Contact: Katie Reinsmidt Executive Vice President &
Chief Investment Officer 423.490.8301
Katie.Reinsmidt@cblproperties.com
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