Town Sports International Holdings, Inc. Receives Nasdaq Notice Regarding Non-Compliance With Continued Listing Standards
July 13 2020 - 4:16PM
Business Wire
Town Sports International Holdings, Inc. (“TSI” or the
“Company”) (NASDAQ:CLUB) received a notice on July 7, 2020 from the
Listing Qualifications Department of Nasdaq indicating that as a
result of the Company’s failure to timely file its Quarterly Report
on Form 10-Q for the period ended March 31, 2020 (the “Report”),
the Company no longer complies with the continued listing
requirements as set forth in Nasdaq Listing Rule 5250(c)(1). The
notice has no immediate impact on the listing of the Company’s
common stock, which will continue to trade on the Nasdaq Global
Market, subject to the Company’s compliance with other applicable
continued listing requirements.
The notice advises that under Nasdaq rules, the Company has 60
calendar days, or until September 8, 2020, to submit a plan to
regain compliance with Nasdaq’s continued listing requirements. If
Nasdaq accepts the plan, Nasdaq can grant an exception of up to 180
calendar days from the filing due date, until December 28, 2020, to
regain compliance. If Nasdaq does not accept the plan, the Company
will have the opportunity to appeal that decision to a Nasdaq
Hearings Panel.
The Company’s management is working diligently to complete the
Report and intends to file it as soon as practicable.
Forward-Looking Statements
Certain statements in this release regarding the Company’s
future reporting intentions contain “forward-looking” statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. You can identify these forward-looking statements by the
use of words such as “outlook,” “believes,” “expects,” “potential,”
“continues,” “may,” “will,” “should,” “seeks,” “approximately,”
“predicts,” “intends,” “plans,” “estimates,” “anticipates,”
“target,” “could,” or the negative version of these words or other
comparable words. Such statements are subject to various risks and
uncertainties, many of which are outside our control, including,
among others, the duration and severity of the COVID-19 pandemic,
actions that may be taken by governmental authorities to contain
the COVID-19 outbreak or treat its impact, the potential negative
impacts of COVID-19 on the economy in the United States and the
impact of COVID-19 on the Company’s financial condition and
business operations and other specific risk factors disclosed in
our prior SEC filings. We believe that all forward-looking
statements are based on reasonable assumptions when made; however,
we caution that it is impossible to predict actual results or
outcomes or the effects of risks, uncertainties or other factors on
anticipated results or outcomes and that, accordingly, one should
not place undue reliance on these statements. Forward-looking
statements speak only as of the date when made, and we undertake no
obligation to update these statements in light of subsequent events
or developments. Actual results may differ materially from
anticipated results or outcomes discussed in any forward-looking
statement.
About Town Sports International Holdings, Inc.
Town Sports International Holdings, Inc. is a diversified
holding company with subsidiaries engaged in a number of business
and investment activities. The Company’s largest operating
subsidiary has been involved in the fitness industry since 1973 and
has grown to become one of the largest owners and operators of
fitness clubs in the Northeast region of the United States. TSI’s
corporate structure provides flexibility to make investments across
a broad spectrum of industries in order to create long-term value
for shareholders.
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Investors: (917) 765-9974 Investor.relations@town-sports.com
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