ATLANTA, May 24, 2019 /PRNewswire/ -- Regional
Health Properties, Inc. ("Regional" or the "Company") (NYSE
American: RHE) (NYSE American: RHEpA), a self-managed healthcare
real estate investment company that invests primarily in real
estate purposed for senior living and long-term care, made an
announcement concerning the Company's noncompliance with the
continued listing standards of NYSE American LLC (the
"Exchange").
On May 21, 2019, the Company
received an official notice of noncompliance from the Exchange
stating that the Company is not in compliance with the Exchange's
continued listing standards under the timely filing criteria
outlined in Section 1007 of the Exchange's Company Guide (the
"Company Guide") because the Company failed to timely file its
Quarterly Report on Form 10-Q for the period ended March 31, 2019 (the "Delayed Form 10-Q"), which
was due to be filed with the Securities and Exchange Commission
("SEC") no later than May 20, 2019
(the "Filing Delinquency").
For the reasons previously disclosed in its Form 12b-25 filed
with the Securities and Exchange Commission (the "SEC") on
May 16, 2019, the Company has not
timely filed the Delayed Form 10-Q because additional time is
needed to finalize the Delayed Form 10-Q and furnish the XBRL
Interactive Data File exhibits required by Item 601(b)(101) of
Regulation S-K. The Company is actively working to complete the
Delayed Form 10-Q and intends to file the Delayed Form
10-Q under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), within the next thirty (30) days.
As a result of the foregoing, the Company has become subject to
the procedures and requirements of Section 1007 of the Company
Guide. During the six-month period from the date of the Filing
Delinquency (the "Initial Cure Period"), the Exchange will monitor
the Company and the status of the Delayed Form 10-Q and any
subsequent reports until the Filing Delinquency is cured. If the
Company fails to cure the Filing Delinquency within the Initial
Cure Period, the Exchange may, in its sole discretion, allow the
Company's securities to be traded for up to an additional six-month
period (the "Additional Cure Period"), depending on the Company's
specific circumstances. If the Exchange determines that an
Additional Cure Period is not appropriate, suspension and delisting
procedures will commence in accordance with the procedures set
forth in Section 1010 of the Company Guide.
Notwithstanding the foregoing, however, the Exchange may in its
sole discretion decide (i) not to afford the Company any Initial
Cure Period or Additional Cure Period, as the case may be, at all
or (ii) at any time during the Initial Cure Period or Additional
Cure Period, to truncate the Initial Cure Period or Additional Cure
Period, as the case may be. Furthermore, the Exchange may
immediately commence suspension and delisting procedures if the
Company is subject to delisting pursuant to any other provision of
the Company Guide, including if the Exchange believes, in its sole
discretion, that continued listing and trading of the Company's
securities on the Exchange is inadvisable or unwarranted in
accordance with Sections 1001-1006 of the Company Guide.
In the interim, the Company's securities will continue to be
listed on the Exchange, subject to the Company's compliance with
other continued listing requirements, and the Company's common
stock and preferred stock will continue to trade under the symbols
"RHE" and "RHE PRA," respectively.
The Exchange will make a late filer (".LF") indicator available on
the consolidated tape. Each data vendor that disseminates the
quotes and trades of Exchange-listed issuers may append this
indicator to the ticker symbols of the Company. Each vendor is free
to use an indicator of its own choosing so the letter or symbol
used to indicate this status may differ from vendor to vendor. The
Exchange also publishes a list of noncompliant issuers and displays
the .LF indicator on its website.
The Company's filings with the SEC are available free of charge
at the SEC's website, www.sec.gov.
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 currently owns, leases or manages for third
parties 28 facilities (16 of which are owned by Regional, 9 of
which are leased by Regional and 3 of which are managed by Regional
for third parties). Of the 16 facilities owned by Regional, 4
are held for sale subject to the purchase and sale agreement
previously disclosed by Regional in its Current Report on Form 8-K
filed with the SEC on April 18, 2019.
Assuming the consummation of the sale of the 4 facilities
contemplated by such purchase and sale agreement, 24 facilities
would be owned, leased or managed for third parties by RHE.
For more information, visit
www.regionalhealthproperties.com.
Important Cautions Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of Exchange Act. All statements, other
than statements of historical fact, included or incorporated in
this press release are forward-looking statements. The words
"believes," "anticipates," "estimates," "plans," "expects,"
"intends," "may," "could," "should," "potential," "likely,"
"projects," "continue," "will," and "would" and similar expressions
are intended to identify forward-looking statements, although not
all forward-looking statements contain these identifying words.
These forward-looking statements include, among others, those
statements regarding Regional's expectations as to the timing of
the filing of the Delayed Form 10-Q.
These forward-looking statements involve risks and
uncertainties, and actual results could vary materially from these
forward-looking statements. Factors that may cause future results
to differ materially from management's current expectations
include, among other things, that the completion and filing of the
Delayed Form 10-Q will take longer than expected and that Regional
will be unable to file the Delayed Form 10-Q within the Initial
Cure Period or Additional Cure Period.
Regional does not guarantee that it will actually achieve the
plans, intentions or expectations disclosed in its forward-looking
statements and you should not place undue reliance on Regional's
forward-looking statements. There are a number of important factors
that could cause Regional's actual results to differ materially
from those indicated or implied by its forward-looking statements,
including those important factors set forth under the caption "Risk
Factors" in Regional's Annual Report on Form 10-K for the period
ended December 31, 2018, and
Regional's subsequent filings with the SEC. Although Regional may
elect to do so at some point in the future, Regional does not
assume any obligation to update any forward-looking statements and
it disclaims any intention or obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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SOURCE Regional Health Properties, Inc.