CHARLOTTE, N.C., Aug. 24, 2015 /PRNewswire/ -- As previously
disclosed in its Form 12b-25 filing with the Securities and
Exchange Commission ("SEC"), Campus Crest Communities, Inc. (NYSE:
CCG) (the "Company"), today confirmed that the Company will be
delayed in filing its Quarterly Report on Form 10-Q for the quarter
ended June 30, 2015. Campus Crest
expects to file its Quarterly Report on Form 10-Q in the near-term
and as quickly as practicable. As the Company noted in a Form
8-K filed today, the delay is attributable to the significance and
complexity of the recently completed (effective January 30, 2015) Copper Beech Townhome
Communities transaction, most notably the need to account for the
acquired Copper Beech interests as joint ventures through the
closing date and as a combination of joint ventures and
wholly-owned interests for the balance of the quarter, and the
additional time required to complete the consolidation for the
previous quarter. The Company also noted in its Form 8-K that
the extensive effort required to complete the Company's Form 10-K
for the year ended December 31, 2014
and the Quarterly Report on Form 10-Q for the quarter ended
March 31, 2015 disrupted the normal
timing for closing the books for the quarter ended June 30, 2015. The Company is in a quiet
period until this filing is made with the SEC.
As a result of the filing delay, the New York Stock Exchange
(the "NYSE") provided formal notification to the Company on
August 18, 2015 that the Company 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 SEC.
Under NYSE rules, the Company has six months from August 17, 2015, subject to ongoing evaluation,
to file its Quarterly Report on Form 10-Q for the quarter ended
June 30, 2015. Until the
Company files its Quarterly Report, the Company expects that its
common stock, which is listed on the NYSE under the symbol "CCG,"
will be assigned an "LF" indicator to signify late filing status.
The Company can regain compliance with the NYSE listing standards
at any time during this six-month period once it files its
Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 with the SEC. If the Company fails
to file its quarterly report within such six-month period, the NYSE
may, in its sole discretion, allow the Company'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 its
Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 and currently expects to complete
and file the Form 10-Q within six months of its due date, no
assurance can be given that the Form 10-Q 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 82
student housing properties with over 43,000 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.