DALLAS, Aug. 10, 2021 /PRNewswire/ -- Ashford Inc. (NYSE
American: AINC) ("Ashford" or the "Company") today announced that
on August 9, 2021, the Company
received written notice from the NYSE American LLC (the "Exchange")
stating that the Company has regained compliance with all of the
continued listing standards set forth in Part 10, Section 1003 of
the NYSE American Company Guide (the "Company Guide").
By meeting the continued listing requirements, Ashford has
resolved its continued listing deficiency and, effective at the
start of trading on August 10, 2021,
the ".BC" designation, signifying noncompliance with the Exchange's
listing standards, will be removed from the "AINC" trading
symbol.
"We are pleased to have regained compliance with the NYSE
American's continued listing standards, and remain focused on the
execution of our strategic plan," commented Jeremy J. Welter, Ashford's President and Chief
Operating Officer. "Ashford has an unwavering commitment to
maximize value for our shareholders and we remain focused on our
unique investment strategy to strategically invest in operating
companies that service the hospitality industry and act as an
accelerator to grow these companies. The Ashford group of
companies are well-positioned to capitalize on the continuing
recovery in the hospitality industry and I am excited about the
future prospects for our Company."
As previously announced, on August 26,
2020 the Company received a notification letter (the
"Letter") from the Exchange, which indicated that the Company was
not in compliance with the continued listing standards of Sections
1003(a)(i) and 1003(a)(ii) of the Company Guide. Pursuant to these
Sections, the Exchange will normally consider suspending dealings
in, or removing from the list, securities of a listed company whose
stockholders' equity is less than (i) $2.0
million if it has reported losses from continuing operations
or net losses in two of its three most recent fiscal years and (ii)
$4.0 million if it has reported
losses from continuing operations or net losses in three of its
four most recent fiscal years (together, the "Stockholders' Equity
Standards"). However, Section 1003(a) of the Company
Guide also states that the Exchange will not normally consider
suspending dealings in, or removing from the list, the securities
of a listed company that falls below the Stockholders' Equity
Standards if the listed company is in compliance with the following
two standards: (1) total value of market capitalization of at least
$50 million or total assets and
revenue of $50 million each in its
last fiscal year, or in two of its last three fiscal years (the
"First Standard"), and (2) the listed company has at least 1.1
million shares publicly held, a market value of publicly held
shares of at least $15.0 million and
400 round lot shareholders (the "Second Standard").
When the Company received the Letter, it was not in compliance
with the Stockholders' Equity Standards, but it was in compliance
with the First Standard because it had total assets and total
revenue of at least $50 million in
its last fiscal year and was in compliance with the Second
Standard, except that the current market value of publicly held
shares was below $15.0
million.
On September 24, 2020, the Company
submitted to the Exchange a compliance plan which detailed how it
intended to regain compliance with Section 1003(a) by increasing
the current market value of the publicly held shares above
$15.0 million while maintaining
compliance with all other requirements of the First and Second
Standards.
As of June 30, 2021, the Company
did not meet the requisite Stockholders' Equity Standards. However,
as a result of management's efforts, the Company has come into
compliance with the First and Second Standards, and the Exchange
has informed the Company that it has cured the previously cited
deficiencies and is in full compliance with the continued listing
standards set forth in Part 10, Section 1003 of the Company
Guide.
Ashford provides global asset management, investment management
and related services to the real estate and hospitality
sectors.
Certain statements and assumptions in this press release contain
or are based upon "forward-looking" information and are being made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements in this
press release include, among others, statements about the Company's
strategy and future plans. These forward-looking statements are
subject to risks and uncertainties. When we use the words "will
likely result," "may," "anticipate," "estimate," "should,"
"expect," "believe," "intend," or similar expressions, we intend to
identify forward-looking statements. Such statements are subject to
numerous assumptions and uncertainties, many of which are outside
Ashford Inc.'s control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: the impact of COVID-19, including one or more possible
recurrences of COVID-19 case surges that would cause state and
local governments to reinstate travel restrictions and the rate of
adoption and efficacy of vaccines to prevent COVID-19, on our
business and investment strategy; our ability to continue as a
going concern; the timing and outcome of the Securities and
Exchange Commission's investigation; our ability to maintain
compliance with NYSE American LLC continued listing standards; our
ability to regain Form S-3 eligibility; our ability to repay,
refinance or restructure our debt and the debt of certain of our
subsidiaries; anticipated or expected purchases or sales of assets;
our projected operating results; completion of any pending
transactions; our understanding of our competition; market trends;
projected capital expenditures; the impact of technology on our
operations and business; general volatility of the capital markets
and the market price of our common stock and preferred stock;
availability, terms and deployment of capital; availability of
qualified personnel; changes in our industry and the markets in
which we operate, interest rates or the general economy; and the
degree and nature of our competition. These and other risk factors
are more fully discussed in the Company's filings with the
Securities and Exchange Commission.
The forward-looking statements included in this press release
are only made as of the date of this press release. Such
forward-looking statements are based on our beliefs, assumptions,
and expectations of our future performance taking into account all
information currently known to us. These beliefs, assumptions, and
expectations can change as a result of many potential events or
factors, not all of which are known to us. If a change occurs, our
business, financial condition, liquidity, results of operations,
plans, and other objectives may vary materially from those
expressed in our forward-looking statements. You should carefully
consider this risk when you make an investment decision concerning
our securities. Investors should not place undue reliance on these
forward-looking statements. The Company can give no assurance that
these forward-looking statements will be attained or that any
deviation will not occur. We are not obligated to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or circumstances, changes in
expectations, or otherwise, except to the extent required by
law.
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SOURCE Ashford Inc.