The owner of several area malls in Chester, Delaware and Montgomery counties is facing possible delisting from the New York Stock Exchange.
PREIT (Pennsylvania Real Estate Investment Trust) said it received formal notice Feb. 4 from the New York Stock Exchange of non-compliance with the stock exchange’s continued listing standards. Those standards require common stock to maintain a minimum average closing price of $1.00 per share over a consecutive 30-trading day period.
Since January 10, closing prices for PREIT’s stock (NYSE:PEI) have ranged from a high of $1.19 on Jan. 10, to a low of 74 cents on Jan. 28. On Wednesday, Feb. 16, the closing price was 94 cents.
PREIT owns and manages six Pennsylvania mall properties, including: Exton Square Mall in West Whiteland, Chester County; Plymouth Meeting Mall in Plymouth Meeting, Montgomery County; Willow Grove Park Mall in Willow Grove, Montgomery County; and Springfield Mall in Springfield, Delaware County.
According to the New York Stock Exchange rules, PREIT has six months from the date of the notice to regain compliance — by bringing its share price and 30-trading day average share price above $1.00.
In a press release, PREIT said it intends to regain compliance with the NYSE’s listing standards. The company can also regain compliance at any time during the six-months if its common shares have a closing price of at least $1.00 per share on the last trading day of any calendar month, as well as an average closing price of at least $1.00 per share “over the 30-trading day period ending on the last trading day of that month.”
“PREIT is considering all available options to regain compliance with the NYSE’s continued listing standards, which may include a reverse stock split,” the company said in a press release. Failure to satisfy the conditions of the cure period or to maintain other listing requirements could lead to a delisting.
Unless the New York Stock Exchange makes the decision to take accelerated delisting action, PREIT’s common shares will continue to be listed and traded on the stock exchange.
According to the release, the non-compliance with the stock exchange’s listing standards does not affect PREIT’s ongoing business operations or its U.S. Securities and Exchange Commission reporting requirements. It also does not trigger any violation of its material debt obligations.
PREIT emerged from bankruptcy on Dec. 11, 2020. The company had voluntarily filed a Chapter 11 petition just one month before, calling the filing the “next step” in executing its financial restructuring plan. In October 2020, the company announced it had entered into a restructuring support agreement with its bank lenders.
Headquartered in Philadelphia, PREIT owns and manages retail shopping malls in 12 states in the eastern U.S. with concentration in the Mid-Atlantic and Greater Philadelphia region.
"exchange" - Google News
February 18, 2022 at 03:35AM
https://ift.tt/DcpnYkl
PREIT faces possible stock exchange delisting due to stock price - The Times Herald
"exchange" - Google News
https://ift.tt/b6eIWAa
https://ift.tt/rwgGXEs
Exchange
Bagikan Berita Ini
0 Response to "PREIT faces possible stock exchange delisting due to stock price - The Times Herald"
Post a Comment