American Spectrum Realty -- NYSE Notice of Non-Compliance
August 25 2014 - 4:48PM
Business Wire
American Spectrum Realty, Inc. (NYSE/MKT: AQQ) – a real estate
investment management and leasing company – today announced the
receipt by the Company of correspondence from NYSE MKT LLC (the
"Exchange") advising the Company that it accepted the Company's
plan to regain compliance with the Exchange's continued listing
standards and establishing time periods for the Company to regain
compliance.
On March 31, 2014, the Company filed a Form 12b-25
with the Securities and Exchange Commission disclosing that it was
unable to file with the SEC its annual report on Form 10-K for
the year ended December 31, 2013 (the "2013 Form 10-K") by
April 1, 2014 and that it expected to file its annual report
as soon as practicable. On April 16, 2014, the Company
received correspondence from the Exchange advising the Company that
it was not in compliance with the continued listing standards of
the Exchange as a result of the failure to timely file the 2013
Form 10-K. The Company submitted to the Exchange on April 30,
2014, a plan of compliance (the "Plan") setting forth the steps
intended to be taken by the Company to regain compliance with the
NYSE MKT Company Guide no later than July 15, 2014.
On June 25, 2014, the Company received correspondence from
the Exchange, notifying the Company that the Exchange accepted the
Company's plan and granted the Company extensions to regain
compliance with the continued listing standards of the Exchange to
no later than July 15, 2014 for the 2013 Form 10-K and no
later than August 18, 2014 for the 2014 March
Form 10-Q.
On August 4, 2014, the Company received correspondence from
the Exchange, notifying the Company that the Exchange accepted the
Company's plan and granted the Company further extensions to regain
compliance with the continued listing standards of the Exchange to
no later than September 2, 2014 for the 2013 Form 10-K
and no later than October 3, 2014 for the 2014 March
Form 10-Q (collectively, the "Plan Periods"). The Company will
be subject to periodic review by the Exchange during the Plan
Periods. Failure to make progress consistent with the Plan or to
regain compliance with the continued listing standards by the end
of the Plan Periods could result in the Company being delisted from
the Exchange.
On August 19, 2014, the Company received additional
correspondence from the Exchange advising that the Company is not
in compliance with certain of the Exchange’s continued listing
standards and the Company has therefore become subject to the
procedures and requirements of Section 1009 of the NYSE MKT Company
Guide (the "Company Guide"). The Exchange has advised that in order
for the Company to maintain its listing with the Exchange, the
Company must submit a plan of compliance (the “Plan”) by September
18, 2014 addressing how the Company intends to regain compliance
with the Exchange’s listing requirements by February 19, 2016 (the
"Plan Period"). The Exchange’s Issuer Oversight Department will
evaluate the Company’s Plan and make a determination as to whether
such Plan provides a reasonable demonstration of the Company’s
ability to regain compliance within the Plan Period. If the
Exchange accepts the Plan, the Company may be able to continue its
listing during the Plan Period subject to periodic reviews by the
Exchange to determine whether the Company is making progress
consistent with the Plan.
The Company continues to work towards compliance with the Plan
and intends to file the 2013 Form 10-K and 2014 March
Form 10-Q as soon as practicable.
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 10 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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