United Development Funding IV Receives Additional NASDAQ Notice
August 26 2016 - 5:20PM
As previously announced, United Development Funding IV (“UDF
IV” or the “Trust”) (NASDAQ:UDF) has not filed with the U.S.
Securities and Exchange Commission (the “SEC”) its Annual Report on
Form 10-K for the fiscal year ended December 31, 2015 or its
Quarterly Report on Form 10-Q for the first quarter of fiscal
2016. The Trust also has not filed its Quarterly Report on
Form 10-Q for the quarter ended June 30, 2016. Nasdaq Listing
Rule 5250(c)(1) requires the timely filing of periodic reports with
the SEC, and therefore, pursuant to the procedures of the Listing
Qualifications Department of The NASDAQ Stock Market LLC
(“Nasdaq”), the Trust received formal notice from the staff of the
Listing Qualifications Department, announced herein pursuant to
Nasdaq Listing Rule 5810(b), indicating that because the Trust
failed to timely file its Quarterly Report on Form 10-Q for the
quarter ended June 30, 2016, the Nasdaq Hearings Panel (the “Nasdaq
Panel”) will consider the additional deficiency in connection with
the Trust’s request for the continued listing of its securities on
Nasdaq.
As previously announced, UDF IV attended a
hearing before the Nasdaq Panel, which subsequently granted the
Trust’s request for continued listing on Nasdaq, subject to the
Trust evidencing compliance with Nasdaq Listing Rule 5250(c)(1) and
with all other applicable requirements for continued listing on
Nasdaq by September 12, 2016.
The Trust engaged auditors on June 8, 2016, and
the audit process began immediately. After recent
conversations with its new auditors regarding the expected filing
date for its Annual Report on Form 10-K for the fiscal year ended
December 31, 2015 and the Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2016 and June 30, 2016, respectively (the
“Filings”), the Trust notified the Nasdaq Panel that it would need
additional time to file all Filings simultaneously.
Therefore, the Trust will submit a written request to the Nasdaq
Panel for an extension of the September 12, 2016 filing
deadline.
Trading in UDF IV’s securities on Nasdaq has
been halted since February 18, 2016, and the Trust expects that the
trading halt will continue at least until the Trust has become
fully current in its periodic filing obligations with the
SEC. No assurance can be given regarding the resumption of
regular trading of the Trust’s securities on any market.
About United Development Funding IV
United Development Funding IV is a public
Maryland real estate investment trust formed primarily to generate
current interest income by investing in secured loans and producing
profits from investments in residential real estate. Additional
information about UDF IV can be found on its website at
www.udfiv.com. UDF IV may disseminate important information
regarding its operations, including financial information, through
social media platforms such as Twitter, Facebook and LinkedIn.
Investor Contact:
Investor Relations
1-800-859-9338
investorrelations@udfiv.com
Media Contact:
Jeff Eller
469-916-4883
mediarelations@udfiv.com