ATLANTA, Aug. 31, 2018 /PRNewswire/ -- Regional
Health Properties, Inc. (NYSE American: RHE) (NYSE American:
RHEpA) (the "Company"), a self-managed healthcare real estate
investment company that invests primarily in real estate purposed
for senior living and long-term care, today announced that, on
August 28, 2018, that the Company
received a deficiency letter (the "Letter") from NYSE American LLC
("NYSE American" or the "Exchange") stating that the Company is not
in compliance with the continued listing standards as set forth in
Section 1003(f)(v) of the NYSE American Company Guide (the "Company
Guide"). Specifically, the Letter informed the Company that the
Exchange has determined that shares of the Company's securities
have been selling for a low price per share for a substantial
period of time and, pursuant to Section 1003(f)(v) of the Company
Guide, the Company's continued listing is predicated on the
Company effecting a reverse stock split of its common stock or
otherwise demonstrating sustained price improvement within a
reasonable period of time, which the Exchange determined to be no
later than February 27, 2019. As a
result of such noncompliance, the Company has become subject to the
procedures and requirements of Section 1009 of the Company
Guide.
The Company intends to regain compliance with the continued
listing standards set forth in the Company Guide by undertaking a
measure or measures that are in the best interests of the Company
and its shareholders. The Company's common stock and 10.875% Series
A Cumulative Redeemable Preferred Shares will continue to be listed
on the NYSE American while the Company seeks to regain compliance
with the continued listing standard noted, subject to the Company's
compliance with other continued listing requirements. If the
Company fails to demonstrate a sustained price improvement or
effect a reverse stock split of its common stock by February 27, 2019, then the Exchange may commence
delisting procedures. The Company does not expect the Letter to
affect the Company's business operations or its reporting
obligations under the Securities and Exchange Commission
regulations and rules.
About Regional Health Properties
Regional Health
Properties, Inc. (NYSE American: RHE) (NYSE American: RHEpA) is the
successor to AdCare Health Systems, Inc., and is a self-managed
healthcare real estate investment company that invests primarily in
real estate purposed for senior living and long-term healthcare
through facility lease and sub-lease transactions. Regional Health
Properties currently owns, leases or manages for third parties 30
facilities.
For more information, visit
www.regionalhealthproperties.com.
Important Cautions Regarding Forward-Looking
Statements
This press release includes 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. Words such as "expects," "intends,"
"believes," "anticipates," "plans," "likely," "will," "seeks,"
"estimates" and variations of such words and similar expressions
are intended to identify such forward-looking statements.
Statements in this press release regarding future events and
developments and our future performance, as well as management's
expectations, beliefs, plans, estimates or projections relating to
the future, are forward-looking statements. Forward-looking
statements in this press release include, among others, statements
regarding our ability to resolve pending professional and general
liability claims on favorable terms or at all, to fund any
settlements of such claims, to address other non-operational
challenges, to develop and implement facility improvement plans to
increase facility level performance and rent ratios, and to improve
our cash position and manage our debt maturities.
Forward-looking statements, by their nature, involve estimates,
projections, goals, forecasts and assumptions and are subject to
risks and uncertainties that could cause actual results to differ
materially from those projected or contemplated by our
forward-looking statements due to various factors, including, among
others: our dependence on the operating success of our operators;
the significant amount of, and our ability to service, our
indebtedness; covenants in our debt agreements that may restrict
our ability to make investments, incur additional indebtedness and
refinance indebtedness on favorable terms; the availability and
cost of capital; our ability to raise capital through equity and
debt financings or through the sale of assets; the effect of
increasing healthcare regulation and enforcement on our operators
and the dependence of our operators on reimbursement from
governmental and other third-party payors; the relatively illiquid
nature of real estate investments; the impact of litigation and
rising insurance costs on the business of our operators; the impact
on us of litigation relating to our prior operation of our
healthcare properties; the effect of our operators declaring
bankruptcy, becoming insolvent or failing to pay rent as due; the
ability of any of our operators in bankruptcy to reject unexpired
lease obligations and to impede our ability to collect unpaid rent
or interest during the pendency of a bankruptcy proceeding and
retain security deposits for the debtor's obligations; our ability
to find replacement operators and the impact of unforeseen costs in
acquiring new properties; and other factors discussed from time to
time in our news releases, public statements and documents filed by
us with the Securities and Exchange Commission from time to time,
including our Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and Current Reports on Form 8-K. These forward-looking
statements and such risks, uncertainties and other factors speak
only as of the date of this press release, and we expressly
disclaim any obligation or undertaking to update or revise any
forward-looking statement contained herein, to reflect any change
in our expectations with regard thereto or any other change in
events, conditions or circumstances on which any such statement is
based, except to the extent otherwise required by applicable
law.
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SOURCE Regional Health Properties, Inc.