American Spectrum Realty -- Notice of Non-Compliance from NYSE MKT
September 19 2014 - 3:48PM
Business Wire
American Spectrum Realty, Inc. (NYSE/MKT: AQQ) – a real estate
investment management and leasing company – today announced that it
had submitted a new plan of compliance to the NYSE MKT LLC (the
“Exchange”) to address how it intended to regain compliance with
Sections 134 and 1101 of the NYSE MKT Company Guide (the “Company
Guide”).
On August 19, 2014, the Company received correspondence from the
Exchange notifying the Company that it was not in compliance with
certain of the Exchange’s continued listing standards based on the
Company’s stockholders’ equity and net losses, and failure to
timely file its Annual Report on Form 10-K for the fiscal year
ended December 31, 2013 (“2013 Form 10-K“) and Form 10-Q for the
fiscal quarters ended March 31 and June 30, 2014.
On September 15, 2014, the Company received additional
correspondence from the Exchange stating that although the Company
did not meet the deadlines provided in its earlier plan of
compliance, the Company had made a reasonable demonstration of its
ability to regain compliance with Sections 134 and 1101 of the
Company Guide, and, in accordance with Section 1009 of the Company
Guide, the Exchange had agreed to the Company’s revised plan
period. The Exchange has agreed to an extension of time until
October 31, 2014 for the filing of the Company’s 2013 Form 10-K,
and if that deadline is met, an extension to December 31, 2014 to
file the Company’s Quarterly Reports on Form 10-Q for the fiscal
quarters ended and ending March 31, June 30 and September 30, 2014
("Revised Plan Period").
On September 18, 2014, the Company submitted to the Exchange its
required compliance plan addressing deficiencies with respect to
the Company’s stockholders’ equity and net losses. The compliance
plan outlined the company’s initiatives to regain compliance with
the applicable continued listing standards within the timeframe
specified in Section 1009.
The Company continues to work towards compliance under the
Revised Plan Period and intends to file the 2013 Form 10-K and
Quarterly Reports on Form 10-Q for the fiscal quarters ended March
31 and June 30, 2014 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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