NEW YORK, April 23, 2020 /PRNewswire/ -- Medley Management
Inc. (NYSE: MDLY) (the "Company") announced today that, on
April 17, 2020, the Company received
written notice (the "Notice") from the New York Stock Exchange (the
"NYSE") that the Company does not presently satisfy the NYSE's
continued listing standards set forth in (i) Section 802.01B of the NYSE Listed Company Manual (the
"Manual"), which prohibits the Company's average global market
capitalization over a consecutive 30 trading-day period from being
less than $50,000,000 at the same
time its stockholders' equity is less than $50,000,000; and (ii) Section 802.01C of the
Manual, which requires the average closing price of the Company's
common shares to be at least $1.00
per share over a consecutive 30 trading-day period. As noted
in the Notice, as of April 16, 2020,
the 30 trading-day average closing price of the Company's common
shares was $0.88 per share, the 30
trading-day average global market capitalization was approximately
$26.5 million and its last reported
stockholders' equity was approximately ($118.1) million as of December 31, 2019.
The Company has ten business days from receipt of the Notice to
send a letter to the NYSE confirming receipt of the Notice and its
intent to cure the deficiencies. Upon submission of such a letter,
the Company would then submit a business plan within 45 days that
demonstrates compliance with the market capitalization and
stockholders' equity listing standard by
December 26, 2021. Upon
receipt of such plan, the NYSE would have up to 45 days to review
and determine whether the Company has made reasonable demonstration
of its ability to come into conformity with the relevant standards
within the cure period. The
NYSE will either accept the plan, at which time the Company would
be subject to ongoing quarterly monitoring for compliance with the
plan, or the NYSE will not accept the plan and the Company would be
subject to suspension and delisting proceedings.
The Company has until December 26, 2020 to regain
compliance with the minimum share price criteria by bringing its
share price and thirty trading-day average share price above
$1.00. The Company can regain
compliance at any time during the
cure period if the Company's common shares have a closing
price of at least $1.00 per common
share on the last trading day of any calendar month during the cure
period and an average closing price of at least $1.00 per common share over the thirty-trading
day period ending on the last trading day of that month.
Under the NYSE rules, the Company's common shares will continue
to be listed and traded on the NYSE during the cure periods
outlined above, subject to the Company's compliance with other
continued listing requirements. The current noncompliance
with the NYSE listing standards does not affect the Company's
ongoing business operations or its U.S. Securities and Exchange
Commission reporting requirements, nor does it trigger any
violation of its material debt or other obligations. The
Company is considering all available options to regain compliance
with the NYSE's continued listing standards. The Company can
provide no assurances that it will be able to satisfy any of the
steps outlined above and maintain the listing of its shares on the
NYSE.
About Medley
Medley is an alternative asset management firm offering yield
solutions to retail and institutional investors. Medley's national
direct origination franchise is a premier provider of capital to
the middle market in the U.S. Medley has $4.1 billion of assets under management in two
business development companies, Medley Capital Corporation (NYSE:
MCC) (TASE: MCC) and Sierra Income Corporation, and several private
investment vehicles. Over the past 18 years, Medley has provided
capital to over 400 companies across 35 industries in North America.1
Medley LLC, the operating company of Medley Management Inc., has
outstanding bonds which trade on the NYSE under the symbols (NYSE:
MDLX) and (NYSE: MDLQ). Medley Capital Corporation is dual-listed
on the New York Stock Exchange (NYSE: MCC) and the Tel Aviv Stock
Exchange (TASE:MCC) and has outstanding bonds which trade on both
the New York Stock Exchange under the symbols (NYSE: MCV) and
(NYSE: MCX).
Forward-Looking Statements
Statements included herein may contain "forward-looking
statements." Statements other than statements of historical
facts included in this press release may constitute forward-looking
statements and are not guarantees of future performance or results
and involve a number of assumptions, risks and uncertainties, which
change over time. Actual results may differ materially from those
anticipated in any forward-looking statements as a result of a
number of factors, including those described from time to time in
filings by the Company with the Securities and Exchange Commission,
including those described in the section "Risk Factors" in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2019. Except as required
by law, the Company undertakes no duty to update any
forward-looking statement made herein. All forward-looking
statements made herein speak only as of the date of this press
release.
This press release does not constitute an offer for any Medley
fund.
1 Medley Management Inc. is the parent company of
Medley LLC and several registered investment advisors
(collectively, "Medley"). Assets under management refers to assets
of our funds, which represents the sum of the net asset value of
such funds, the drawn and undrawn debt (at the fund level,
including amounts subject to restrictions) and uncalled committed
capital (including commitments to funds that have yet to commence
their investment periods). Assets under management are as of
December 31, 2019.
Investor Contact:
Sam Anderson
Head of Capital Markets & Risk Management
Medley Management Inc.
212-759-0777
Media Contact:
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co. LP
212-257-4170
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SOURCE Medley Management Inc.