NEW YORK - Trinity Place Holdings Inc. (NYSE American: TPHS), a real estate holding and investment company, has received an extension from the NYSE American to regain compliance with listing standards, following a notification of non-compliance due to financial deficits. The NYSE American has accepted the company's compliance plan and granted a cure period through May 29, 2025, as announced on February 21, 2024.
Previously, on November 29, 2023, Trinity Place Holdings was informed that it did not meet the NYSE American's continued listing standards after reporting a stockholders' deficit of $1.2 million as of September 30, 2023, and net losses in three of the past four fiscal years. The company's shares will remain listed and traded on the exchange during the cure period, under the ticker symbol "TPHS" with an added ".BC" designation to indicate its below compliance status.
The NYSE American staff will periodically review the company's adherence to its compliance plan. Failure to meet the standards by the deadline or to show consistent progress may lead to delisting proceedings.
This development does not immediately affect the trading of Trinity Place Holdings' common stock, nor does it impact the company's business operations or SEC reporting requirements. Additionally, the company had closed transactions on February 14, 2024, as per a Stock Purchase Agreement dated January 5, 2024.
According to the agreement's terms, Trinity Place Holdings must delist its shares from the NYSE American no later than 45 days following the closing, unless certain conditions are met or otherwise agreed upon by the parties involved.
Trinity Place Holdings' portfolio includes several real estate assets in New York and New Jersey, as well as intellectual property assets in the consumer sector. The company also reported significant federal and state net operating loss carryforwards, which could offset future taxable income and capital gains.
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