Drive Shack Inc. Receives Continued Listing Standard Notice From NYSE
October 11 2022 - 5:00PM
Business Wire
Drive Shack Inc. (the “Company”) (NYSE: DS), a leading owner and
operator of golf-related leisure and entertainment businesses,
today announced that it received written notification from the New
York Stock Exchange (“NYSE”) on October 5, 2022, that it is not in
compliance with the NYSE continued listing standard that requires a
minimum average closing price of the Company’s common stock of
$1.00 per share over a consecutive 30 trading-day period (the
“Notice”).
Receipt of the Notice by the Company is not a violation of the
terms of, and does not constitute a default or event of default
under, any of the Company’s debt or lease agreements. The Notice
also has no immediate impact on the listing of the Company’s common
stock, which will continue to be listed and traded on the NYSE
during the applicable cure period under the symbol “DS,” subject to
the Company’s compliance with other continued listing requirements
set forth in the NYSE Listed Company Manual, but will have an added
designation of “.BC” to indicate the status of the common stock as
below compliance with the NYSE continued listing standards. The
“.BC” indicator will be removed at such time as the Company is
deemed compliant.
Pursuant to NYSE rules, the Company can regain compliance with
the minimum share price requirement if, during a six-month cure
period following receipt of the Notice, on the last trading-day of
any calendar month, the Company’s common stock has a closing share
price and a 30 trading-day average closing share price of at least
$1.00.
The Company will notify the NYSE on or before October 19, 2022,
that it intends to cure the continued listing standard
deficiency.
About Drive Shack Inc.
Drive Shack Inc. is a leading owner and operator of golf-related
leisure and entertainment businesses focused on bringing people
together through competitive socializing. Today, our portfolio
consists of American Golf, Drive Shack and Puttery.
Forward-Looking Statements: Certain statements regarding
Drive Shack Inc. (together with its subsidiaries, “Drive Shack,”
“we” or “us”) in this release may constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. You can identify these forward-looking
statements by the use of forward-looking words such as “outlook,”
“believes,” “expects,” “by,” “approaches,” “nearly,” “potential,”
“continues,” “may,” “will,” “should,” “could,” “seeks,”
“approximately,” “predicts,” “intends,” “plans,” “estimates,”
“anticipates,” “target,” “goal,” “projects,” “contemplates” or the
negative version of those words or other comparable words. Any
forward-looking statements contained in this release are based on
our current plans, estimates and expectations in light of
information currently available to us. The inclusion of this
forward-looking information should not be regarded as a
representation by the Company or any other person that the future
plans, estimates or expectations contemplated by us will be
achieved. These statements are subject to a number of factors that
could cause actual results to differ materially from those
described in the forward-looking statements, many of which are
beyond our control. We can give no assurance that its expectations
regarding any forward-looking statements will be attained.
Accordingly, you should not place undue reliance on any
forward-looking statements made in this release. Factors that could
cause or contribute to such differences include, but are not
limited to, the risk that our construction schedules will take
longer than we expect, that our expectations about the consumer
demand for our product will not prove accurate, that our operating
or other costs will increase or our expected remaining costs for
development projects underway increases and the effect of the
COVID-19 pandemic on our business and financial results. For a
discussion of some of the risks and important factors that could
affect such forward-looking statements, see the sections entitled
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” in the Company’s
most recent Annual Report on Form 10-K and Quarterly Report on Form
10-Q. In addition, new risks and uncertainties emerge from time to
time, and it is not possible for the Company to predict or assess
the impact of every factor that may cause its actual results to
differ from those contained in any forward-looking statements. Such
forward-looking statements speak only as of the date of this
release. We expressly disclaim any obligation to release publicly
any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Company’s
expectations with regard thereto or change in events, conditions or
circumstances on which any statement is based.
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Investor Relations Kelley Buchhorn Interim Chief
Financial Officer Drive Shack Inc. 646-585-5591
ir@driveshack.com
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