DALLAS, Nov. 20, 2020 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the
"Company") announced today that it was notified by the New York
Stock Exchange (the "NYSE") that the Company has been in full
compliance with all of the NYSE's continued listing standards, as
indicated in a letter delivered to the Company on November 19, 2020.
As previously disclosed, on October 1,
2020, the Company received notification (the "Initial
Letter") from the NYSE that it was not in compliance with the
continued listing standards set forth in the NYSE Listed Company
Manual (the "Company Manual"). Specifically, the Initial Letter
stated that the Company was not in compliance with Section
802.01B of the Company Manual, which
requires a listed company to have an average market capitalization
of not less than $50 million over a
30 trading-day period and, at the same time, stockholders' equity
of not less than $50 million.
On November 19, 2020, the NYSE
sent a letter to the Company (the "Correction Letter") stating that
the NYSE had incorrectly stated in the Initial Letter that the
Company was below compliance with the quantitative continued
listing criteria for operating companies as set forth in Section
802.01B of the Company Manual. In the
Correction Letter, the NYSE noted that in making its determination
provided in the Initial Letter, the NYSE did not consider that the
Company is a Real Estate Investment Trust ("REIT") and that, given
the Company's REIT status, the quantitative continued listing
standards for operating companies do not apply.
Additionally, the NYSE stated in the Correction Letter that it
intends to promptly remove the ".BC" indicator that has been
appended to the Company's symbol on the consolidated tape and on
the NYSE website as a result of the Initial Letter.
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing predominantly in upper upscale,
full-service hotels.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free download
at Apple's App Store and the Google
Play Store by searching "Ashford."
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 Trust'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 the novel strain of coronavirus
(COVID-19) on our business; the ability of the Company and the
Company's advisor, Ashford Inc., to continue as a going concern;
the timing and outcome of the Securities and Exchange Commission's
investigation; our ability to meet the NYSE continued listing
standards; our ability to repay, refinance or restructure our debt
and the debt of certain of our subsidiaries; general volatility of
the capital markets and the market price of our common stock and
preferred stock; changes in our business or investment strategy;
availability, terms and deployment of capital; availability of
qualified personnel; changes in our industry and the market 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 Ashford Trust'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. Investors
should not place undue reliance on these forward-looking
statements. We will not 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 Hospitality Trust, Inc.