CBL Properties Responds to NYSE Continued Listing Standard Notice
August 21 2019 - 01:30PM
Business Wire
CBL Properties (NYSE:CBL) today announced that it received
notification from the New York Stock Exchange (NYSE) that as of
August 19, 2019, the Company is no longer in compliance with NYSE
continued listing criteria, which require listed companies to
maintain an average closing share price of at least $1.00 over a
consecutive 30 trading-day period.
The Company intends to pursue measures to cure the share price
non-compliance, including through a reverse stock split of the
Company's common stock, subject to stockholder approval, no later
than at its next annual meeting of stockholders, if such action is
necessary to cure the share price non-compliance.
In accordance with NYSE rules, the Company has a period of six
months from receipt of the notice to regain compliance with the
NYSE’s minimum share price requirement, or until the Company’s next
annual meeting of stockholders, if stockholder approval is required
to cure the share price non-compliance, as would be the case to
effectuate a reverse stock split. Under NYSE rules, the Company’s
common stock will continue to be listed and trade on the NYSE
during this period, subject to the Company’s compliance with other
NYSE continued listing requirements.
Under NYSE rules, CBL can regain compliance at any time during
the six-month cure period if on the last trading day of any
calendar month during the cure period CBL’s common stock has a
closing share price of at least $1.00 and an average closing share
price of at least $1.00 over the 30 trading-day period ending on
the last trading day of that month or on the last day of the cure
period.
The NYSE notification has no impact on CBL operations or its
Securities and Exchange Commission reporting requirements, and it
does not cause an event of default under any of the Company’s
material debt or other agreements.
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and
manages a national portfolio of market-dominant properties located
in dynamic and growing communities. CBL’s portfolio is comprised of
108 properties totaling 68.2 million square feet across 26 states,
including 68 high-quality enclosed, outlet and open-air retail
centers and 9 properties managed for third parties. CBL
continuously strengthens its company and portfolio through active
management, aggressive leasing and profitable reinvestment in its
properties. For more information visit cblproperties.com.
Information included herein contains "forward-looking
statements" within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy and some of which might
not even be anticipated. Future events and actual events, financial
and otherwise, may differ materially from the events and results
discussed in the forward-looking statements. The reader is directed
to the Company’s various filings with the Securities and Exchange
Commission, including without limitation the Company’s Annual
Report on Form 10-K and the "Management’s Discussion and Analysis
of Financial Condition and Results of Operations" included therein,
for a discussion of such risks and uncertainties.
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version on businesswire.com: https://www.businesswire.com/news/home/20190821005604/en/
Investor Contact: Katie Reinsmidt, Executive Vice President
& Chief Investment Officer, 423.490.8301,
Katie.Reinsmidt@cblproperties.com
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