Pacific Office Properties Announces Delisting from NYSE Amex
17 3월 2012 - 12:30PM
Business Wire
Pacific Office Properties Trust, Inc. (NYSE Amex: PCE) announced
that it has notified the NYSE Amex (the “Exchange”) of its intent
to file a Form 25 with the Securities and Exchange Commission to
effect the withdrawal of the Company’s common stock from listing on
the Exchange. The Company plans to file the Form 25 on or about
March 26, 2012 and expects that its common stock will cease trading
on the Exchange upon effectiveness of the Form 25 ten calendar days
following its filing, on or about April 5, 2012. The Company
anticipates that its common stock will begin quotation on the OTCQB
tier of the OTC Marketplace (“OTCQB Marketplace”) thereafter.
As previously disclosed, the Company was notified by the
Exchange on April 19, 2011 that the Company was not in compliance
with the continued listing standards specified in Section
1003(a)(i) of the Exchange’s Company Guide because the Company had
total equity of less than $2,000,000 and losses in two out of its
three most recent fiscal years, and Section 1003(a)(ii) of the
Company Guide because the Company had total equity of less than
$4,000,000 and losses in three out of its four most recent fiscal
years. The equity referenced above is determined under GAAP
accounting and differs from the Company’s net equity in its office
portfolio.
As permitted by Exchange rules, the Company submitted a plan
that advised the Exchange of actions intended to be taken in the
first quarter 2012 in order to regain compliance with continued
listing standards (the “Plan”). The Company is withdrawing its
common stock from listing on the Exchange because it has determined
that it will not be able to make progress consistent with the Plan
as required by the Exchange, and that it cannot reasonably expect
to regain compliance in the projected timeframe.
The Company believes that a self-initiated withdrawal will
provide a more orderly transition of trading in its common stock to
the OTC Marketplace or similar quotation service, and expects that
following delisting, its common stock will be quoted on the OTCQB
Marketplace. The OTCQB Marketplace is a market tier for
over-the-counter-traded companies that are registered and reporting
with the SEC. The Company’s change in trading venue does not impact
its obligation to file required reports with the SEC under
applicable federal securities laws and should allow for a continued
orderly trading market for the Company's common stock as it
continues to pursue strategic alternatives.
About Pacific Office Properties Trust,
Inc.
Pacific Office Properties Trust, Inc.
(www.pacificofficeproperties.com) is a self-administered and
self-managed real estate investment trust that owns and operates
primarily institutional-quality office properties principally in
selected long-term growth markets in southern California and
Hawaii.
Certain Information About
Forward-Looking Statements
This press release contains certain forward-looking statements,
identifiable through the words “anticipates,” “believes” and
“should,” within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934. We
intend such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995, and are including
this statement for purposes of complying with those safe harbor
provisions. Forward-looking statements are not historical
information and are based on current expectations and involve risks
and uncertainties. The risks and uncertainties inherent in such
statements may cause actual future events or results to differ
materially and adversely from those described in the
forward-looking statements. Important factors that may cause this
difference include: there is no assurance that quotations will be
made for the Company’s common stock on the OTCQB tier of the OTC
Marketplace or any other trading platform, if such quotations are
made, they may not be made for a period of time following the
delisting of the common stock from the NYSE Amex, brokers and
dealers making quotations will not obligated to engage in
transactions in our common stock at quoted or any other prices, and
an active trading market for the Company’s common stock may not
develop or be sustained following its delisting from the NYSE Amex.
Pacific Office Properties Trust, Inc. disclaims any obligation to
revise or update any forward-looking statements that may be made
from time to time by it or on its behalf.
Pacific Office Properties Trust, (AMEX:PCE)
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Pacific Office Properties Trust, (AMEX:PCE)
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