Nasdaq Hearings Panel Grants Extension of Exception for Continued Listing of United Development Funding IV Shares
September 14 2016 - 2:00PM
United Development Funding IV (“UDF IV” or the “Trust”)
(NASDAQ:UDF) today announced that the Nasdaq Hearings Panel (the
“Panel”) has granted an extension of the exception previously
granted for continued listing of the Trust’s common shares on The
NASDAQ Stock Market (“Nasdaq”). The Trust’s continued
listing is subject to the condition that, on or before October 17,
2016, the Trust become current in its periodic filings with the
Securities and Exchange Commission (the “SEC”). The Trust
must also be able to demonstrate that it satisfies all other
quantitative and qualitative requirements for continued listing on
Nasdaq.
As previously disclosed, UDF IV has not yet
filed its Annual Report on Form 10-K for the year ended December
31, 2015 (the “2015 Form 10-K”) or its Quarterly Reports on Form
10-Q for the quarters ended March 31 and June 30, 2016 (the “2016
Forms 10-Q”). Nasdaq Listing Rule 5250(c)(1) requires the
timely filing of periodic reports with the SEC. The Trust
currently expects that it will be in a position to file the 2015
Form 10-K and the 2016 Forms 10-Q and thereby evidence full
compliance with Nasdaq’s filing requirement and all other
applicable requirements for continued listing on or before the
extended October 17, 2016 date granted by the Panel. Although
the Trust is working diligently to complete and file all necessary
periodic reports with the SEC as soon as practicable, there can be
no assurance that the Trust will be able to do so within the period
granted by the Panel.
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