CHARLOTTE, N.C., March 18, 2015 /PRNewswire/ -- Campus Crest
Communities, Inc. (NYSE: CCG) (the "Company"), today announced
that, due to the management team's work to enhance its disclosure
practices and internal controls, the Company will be delayed in
filing its Annual Report on Form 10-K for the year ended
December 31, 2014. Campus Crest
expects to file its Annual Report on Form 10-K in the near-term and
as quickly as practicable. The Company also noted that it is in a
quiet period until this filing is made with the Securities and
Exchange Commission ("SEC").
The Company previously disclosed, in another form it recently
filed with the SEC, that it is unable to timely file its Annual
Report on Form 10-K because of the additional time required to
complete its annual review and assessment.
As a result of the filing delay, Campus Crest has informed the
New York Stock Exchange (the "NYSE") that it is working diligently
to complete the 2014 Annual Report on Form 10-K. In response, the
NYSE has provided formal notification to the Company that it is not
currently in compliance with the NYSE's continued listing
requirements under the timely filing criteria set forth in Section
802.01E of the NYSE Listed Company Manual. Such notices are
routinely issued by the NYSE in situations when there are late
filings with the Securities and Exchange Commission.
If Campus Crest does not file its Annual Report on Form 10-K by
2:30pm March
23, 2015, its common stock, which is listed on the NYSE
under the symbol "CCG," will be assigned an "LF" indicator to
signify late filing status. Under NYSE rules, the Company has six
months from March 17, 2015, subject
to ongoing evaluation, to file its Annual Report on Form
10-K. Campus Crest can regain
compliance with the NYSE listing standards at any time during this
six-month period once it files its Form 10-K with the SEC. If it
fails to file its annual report within such six-month period, the
NYSE may, in its sole discretion, allow Campus Crest's common stock
to trade for up to an additional six months depending on specific
circumstances as outlined in the rule. It is expected that the
Company would need to submit an official request to the NYSE for
the NYSE's consideration at the appropriate time.
Although Campus Crest is working diligently to complete the 2014
Annual Report on Form 10-K and currently expects to complete and
file the 2014 Form 10-K within six months of its due date, no
assurance can be given that the 2014 Annual Report on Form 10-K
will be filed within such period, or that the NYSE would allow the
Company's securities to trade for up to an additional six
months.
About Campus Crest Communities, Inc.
Campus Crest Communities, Inc. is a leading owner and manager of
high-quality student housing properties located close to college
campuses in targeted markets. It has ownership interests in 84
student housing properties with over 46,000 beds across
North America. Additional
information can be found on the Company's website at
http://www.campuscrest.com.
Forward-Looking Statements
This press release, together with other statements and
information publicly disseminated by the Company, contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with these safe harbor
provisions. Forward-looking statements relate to expectations,
beliefs, projections, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that
are not historical facts. In some cases, you can identify
forward-looking statements by the use of forward-looking
terminology such as "may," "will," "should," "expects," "intends,"
"plans," "anticipates," "believes," "estimates," "predicts" or
"potential" or the negative of these words and phrases or similar
words or phrases which are predictions of or indicate future events
or trends and which do not relate solely to historical matters. You
should not rely on forward-looking statements since they involve
known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond the Company's control, that
may cause actual results to differ significantly from those
expressed in any forward-looking statement. All forward-looking
statements reflect the Company's good faith beliefs, assumptions
and expectations, but they are not guarantees of future
performance. Furthermore, except as otherwise required by federal
securities laws, the Company disclaims any obligation to publicly
update or revise any forward-looking statement to reflect changes
in underlying assumptions or factors, new information, data or
methods, future events or other changes. For a further discussion
of these and other factors that could cause the Company's future
results to differ materially from any forward-looking statements,
see the risk factors discussed in the Company's most recent Annual
Report on Form 10-K, as updated in the Company's Quarterly Reports
on Form 10-Q.
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SOURCE Campus Crest Communities, Inc.