Diversicare's Common Stock Will be Traded on the OTCQX Following the Delisting From NASDAQ
August 28 2019 - 4:05PM
Diversicare Healthcare Services, Inc. (NASDAQ: DVCR) was notified
by The Nasdaq Stock Market LLC ("Nasdaq") that the Nasdaq Hearings
Panel denied the Company’s recent appeal and determined to delist
the Company’s common stock from the Nasdaq Stock Market. The
decision to delist the Company's common stock was reached pursuant
to the Nasdaq Listing Rule 5550(b)(2), which states that the
Company's Market Value of Listed Securities ("MVLS") no longer met
the minimum MVLS of $35 million. Accordingly, it is expected that
the trading of the Company’s common stock will be suspended on the
Nasdaq Stock Market at the opening of business on August 29, 2019,
and that Nasdaq will file a Form 25-NSE with the Securities and
Exchange Commission on such date to effect the removal of the
Company's securities from listing and registration on the Nasdaq
Capital Market.
The Company's common stock has been approved and
will begin trading on the OTCQX at the opening of business on
August 29, 2019 under its current trading symbol "DVCR". The
Company will remain a reporting company under the Securities
Exchange Act of 1934 and continue to be subject to the public
reporting requirements of the Securities and Exchange
Commission.
About Diversicare Healthcare Services,
Inc.
As of August 28, 2019, Diversicare provides
long-term care services to patients in 72 skilled nursing and
senior housing centers containing 8,214 licensed nursing beds. For
additional information about the Company, visit Diversicare's web
site: www.DVCR.com.
FORWARD-LOOKING STATEMENTS
The "forward-looking statements" contained in
this release are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are predictive in nature and are frequently identified
by the use of terms such as "may," "will," "should," "expect,"
"believe," "estimate," "intend," and similar words indicating
possible future expectations, events or actions. These
forward-looking statements reflect our current views with respect
to future events and present our estimates and assumptions only as
of the date of this release. Actual results could differ materially
from those contemplated by the forward-looking statements made in
this release. In addition to any assumptions and other factors
referred to specifically in connection with such statements, other
factors, many of which are beyond our ability to control or
predict, could cause our actual results to differ materially from
the results expressed or implied in any forward-looking statements
including, but not limited to, our ability to complete the transfer
of our operations in Kentucky and Omega's ability to sell the
related real estate, our ability to successfully integrate the
operations of new nursing centers, as well as successfully operate
all of our existing centers, our ability to increase census at our
renovated centers, changes in governmental reimbursement,
government regulation, the impact of the recently adopted federal
health care reform or any future health care reform, any increases
in the cost of borrowing under our credit agreements, our ability
to extend or replace our current credit facility, our ability to
comply with covenants contained in those credit agreements, our
ability to renew or extend our leases at or prior to the end of the
existing lease terms, the outcome of professional liability
lawsuits and claims, our ability to control ultimate professional
liability costs, the accuracy of our estimate of our anticipated
professional liability expense, the impact of future licensing
surveys, the outcome of proceedings alleging violations of state or
Federal False Claims Acts, laws and regulations governing quality
of care or other laws and regulations applicable to our business
including HIPAA and laws governing reimbursement from government
payors, the costs of investing in our business initiatives and
development, our ability to control costs, changes to our valuation
of deferred tax assets, changes in occupancy rates in our centers,
changing economic and competitive conditions, changes in
anticipated revenue and cost growth, no assurance that an active
market for the Company’s Common Stock will develop on OTCQX,
changes in the anticipated results of operations, the effect of
changes in accounting policies as well as others. The Company has
provided additional information in its Annual Report on Form 10-K
for the fiscal year ended December 31, 2018, as well as in its
other filings with the Securities and Exchange Commission, which
readers are encouraged to review for further disclosure of other
factors. These assumptions may not materialize to the extent
assumed, and risks and uncertainties may cause actual results to be
different from anticipated results. These risks and uncertainties
also may result in changes to the Company's business plans and
prospects. Diversicare Healthcare Services, Inc. is not responsible
for updating the information contained in this press release beyond
the published date, or for changes made to this document by wire
services or Internet services.
Company Contact: |
Investor Relations: |
James R. McKnight, Jr. |
Kerry D. Massey |
Chief Executive Officer |
Chief Financial Officer |
615-771-7575 |
615-771-7575 |
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