PORT WASHINGTON, N.Y.,
May 4, 2020 /PRNewswire/
-- Cedar Realty Trust, Inc. (NYSE: CDR) (the "Company")
announced today that it received a letter from the New York Stock
Exchange (the "NYSE") dated April 28,
2020, notifying the Company that the average closing price
of its common stock over the prior 30-consecutive trading day
period was below $1.00 per share, the
minimum average share price required to maintain listing on the
NYSE. Due to unprecedented market-wide declines as a result of the
ongoing COVID-19 pandemic, the NYSE notice advised that the Company
has until December 31, 2020 to regain
compliance with the minimum share price requirement.
The Company will return to compliance if, on the last trading
day of a calendar month any time during the cure period, the
closing price of its common stock is at least $1.00 and the average closing price over the 30
consecutive trading-day period ending on such last trading day of
such month is at least $1.00 per
share. The Company will continue to monitor the closing price
of its common stock and consider available options if it appears
unlikely that the minimum share price requirement will be satisfied
by December 31, 2020. As necessary or
desirable, the Company will consider implementing a reverse stock
split of its common stock that would result in the price exceeding
$1.00 per share and remaining above
that level for at least the following 30 trading days before the
end of the cure period. Such a reverse stock split would not
require a stockholders' vote.
During the cure period, the common stock will continue to be
listed and trade on the NYSE, subject to compliance with other
continued listing requirements. Under NYSE rules, the trading
symbol for the common stock, "CDR", will have an added designation
of ".BC" to indicate that the status of the common stock is "below
criteria" with the NYSE continued listing standards. The ".BC"
indicator will be removed if and at such time as the Company
regains compliance.
About Cedar Realty Trust
Cedar Realty Trust, Inc. is a fully-integrated real estate
investment trust which focuses on the ownership, operation and
redevelopment of grocery-anchored shopping centers in high-density
urban markets from Washington,
D.C. to Boston. The
Company's portfolio (excluding properties treated as "held for
sale") comprises 56 properties, with approximately 8.3 million
square feet of gross leasable area.
For additional financial and descriptive information on the
Company, its operations and its portfolio, please refer to the
Company's website at www.cedarrealtytrust.com.
Forward-Looking Statements
Statements made in this press release that are not strictly
historical are "forward-looking" statements. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause actual results, performance and outcomes to
differ materially from those expressed or implied in
forward-looking statements. Factors which could cause actual
results to differ materially from current expectations include,
among others: risks related to the impact of COVID-19 on our
business and the business of our tenants and the economy generally,
adverse general economic conditions in the United States and uncertainty in the
credit and retail markets; financing risks, such as the inability
to obtain new financing or refinancing on favorable terms as the
result of market volatility or instability; risks related to the
market for retail space generally, including reductions in consumer
spending, variability in retailer demand for leased space, tenant
bankruptcies, adverse impact of internet sales demand, ongoing
consolidation in the retail sector and changes in economic
conditions and consumer confidence; risks endemic to real estate
and the real estate industry generally; the impact of the Company's
level of indebtedness on operating performance; inability of
tenants to meet their rent and other lease obligations; adverse
impact of new technology and e-commerce developments on the
Company's tenants; competitive risk; risks related to the
geographic concentration of the Company's properties in the
Washington D.C. to Boston corridor; the effects of natural and
other disasters; and the inability of the Company to realize
anticipated returns from its redevelopment activities. Please refer
to the documents filed by Cedar Realty Trust, Inc. with the SEC,
specifically the Company's Annual Report on Form 10-K for the year
ended December 31, 2019, as it may be
updated or supplemented in the Company's Quarterly Reports on Form
10-Q and the Company's other filings with the SEC, which identify
additional risk factors that could cause actual results to differ
from those contained in forward-looking statements.
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SOURCE Cedar Realty Trust, Inc.