Trinity Place Holdings Inc. Discloses Communication from NYSE American
05 12월 2023 - 6:15AM
Business Wire
Trinity Place Holdings Inc. (NYSE American: TPHS) (the
“Company”) announced today that on November 29, 2023 it received a
letter (the “Notice”) from the NYSE American LLC (“NYSE American”)
advising the Company is not in compliance with the NYSE American
continued listing standards set forth in Sections 1003(a)(i) and
(ii) of the NYSE American Company Guide given the reported
stockholders’ deficit as of September 30, 2023, and losses from
continuing operations and/or net losses in three of its four most
recent fiscal years ended December 31, 2022.
The Notice has no immediate impact on the listing of the
Company’s shares of common stock, par value $0.01 per share (the
“Common Stock”), which will continue to be listed and traded on the
NYSE American during the period mentioned below, subject to the
Company’s compliance with the other listing requirements of the
NYSE American. The Common Stock will continue to trade under the
symbol “TPHS”, but will have an added designation of “.BC” to
indicate the status of the Common Stock as “below compliance”. The
Notice does not affect the Company’s ongoing business operations or
its reporting requirements with the Securities and Exchange
Commission (“SEC”).
The Company is required to submit a plan of compliance by
December 29, 2023 addressing how the Company intends to regain
compliance with Section 1003(a)(i) and (ii) of the NYSE American
Company Guide by May 29, 2025.
Section 1003(a)(i) of the NYSE American Company Guide requires a
listed company’s stockholders’ equity be at least $2.0 million if
it has reported losses from continuing operations and/or net losses
in two of its three most recent fiscal years. Section 1003(a)(ii)
of the NYSE American Company Guide requires a listed company’s
stockholders’ equity be at least $4.0 million if it has reported
losses from continuing operations and/or net losses in three of its
four most recent fiscal years.
The Company intends to consider available options to regain
compliance with the stockholders’ equity requirement. No decisions
have been made at this time, although certain transactions under
consideration by the parties may position the Company to submit a
plan of compliance and, if consummated, meet the listing standards.
There can be no assurance that the Company will be able to achieve
compliance with the NYSE American’s continued listing standards
within the required time frames.
Additional details regarding the Notice from the NYSE American
were included in, and the description above is qualified in its
entirety by, the Company’s Current Report on Form 8-K filed with
the SEC on December 4, 2023, which is available on the Company’s
website under “Investor Relations – SEC Filings” at
www.tphs.com.
About Trinity Place Holdings
Trinity Place Holdings Inc. is a real estate holding,
investment, development and asset management company. The Company’s
largest asset is a property located at 77 Greenwich Street in Lower
Manhattan, which is substantially complete as a mixed-use project
consisting of a 90-unit residential condominium tower, retail space
and a New York City elementary school. The Company also owns a
105-unit, 12-story multi-family property located at 237 11th Street
in Brooklyn, New York, as well as a property occupied by a retail
tenant in Paramus, New Jersey. In addition to its real estate
portfolio, the Company also controls a variety of intellectual
property assets focused on the consumer sector, a legacy of its
predecessor, Syms Corp., including FilenesBasement.com, its rights
to the Stanley Blacker® brand, as well as the intellectual property
associated with the Running of the Brides® event and An Educated
Consumer is Our Best Customer® slogan. In addition, the Company
also had approximately $305.4 million of federal net operating loss
carryforwards at September 30, 2023, as well as various state and
local NOLs, which can be used to reduce its future taxable income
and capital gains.
Forward Looking Statements
This press release includes forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and the Private Securities Litigation Reform Act of
1995. These forward-looking statements are based on current
expectations and projections about future events and are not
guarantees of future performance or results and involve risks and
uncertainties that cannot be predicted or quantified, and,
consequently, the actual performance of the Company may differ
materially from those expressed or implied by such forward-looking
statements. Such risks and uncertainties include the risks and
uncertainties, as well as the other factors, described in more
detail in the Company’s most recent Annual Report on Form 10-K and
its subsequent filings with the SEC. The forward-looking statements
contained herein speak only as of the date hereof, and the Company
assumes no obligation to update any forward-looking statements,
whether as a result of new information, subsequent events or
otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231204837706/en/
Linda Flynn, (212) 235-2191 Linda.Flynn@tphs.com
Trinity Place (AMEX:TPHS)
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Trinity Place (AMEX:TPHS)
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