The NYSE halted trading due to the review of recent disclosures involving the Company's ongoing liquidity and financing efforts.
The NYSE's continued listing standards applicable to the Company, which is a Real Estate Investment Trust, require (i) an average market capitalization over 30 consecutive trading days of $25,000,000;(ii) maintenance of its REIT status, unless the resultant entity qualifies as an original listing as a corporation and (iii) an average closing price of a security of $1.00 over a consecutive 30 trading day period.
Although the Company is currently in compliance with the above continued listing requirements, the NYSE is not limited to these quantitative standards. Rather, it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of an issue in light of all pertinent facts whenever it deems such action appropriate, even though a security meets or fails to meet any enumerated criteria.
The NYSE will continue the trading halt of the Company's securities until such time as material information regarding its liquidity and financing efforts has been disseminated and the NYSE has been able to complete its related evaluation. Upon completion of its evaluation, the Exchange will either suspend the security from trading or resume trading. If the NYSE decides to suspend the security, it would then apply to the SEC to delist the issue.
The NYSE noted that it may, at any time, suspend a security if it believes that continued dealings in the security on the NYSE are not advisable. -- www.nyse.com
Posted March 14th, 2007 by ruzik_tuzik
