Regional Health Properties, Inc. Announces Receipt of NYSE American Notice of Delisting and Intention to Appeal
Regional Health Properties has received a delisting notice from NYSE American for both its common stock and Series A Preferred Shares. The NYSE Regulation determined the company failed to regain compliance with Sections 1003(a)(i) and (ii) of the NYSE American Company Guide by the end of its 18-month compliance period on November 10, 2024.
The company has until November 18, 2024, to request a review by the Listings Qualifications Panel and intends to appeal the determination. Trading will continue during the appeal process. While the company is working to regain compliance, there is no guarantee of success.
Regional Health Properties ha ricevuto una comunicazione di delisting dalla NYSE American per entrambe le sue azioni ordinarie e le azioni privilegiate di Serie A. La regolamentazione NYSE ha determinato che la società non è riuscita a ripristinare la conformità con le Sezioni 1003(a)(i) e (ii) della Guida per le Società della NYSE American entro la fine del suo periodo di conformità di 18 mesi, fissato per il 10 novembre 2024.
La società ha tempo fino al 18 novembre 2024 per richiedere una revisione da parte del Panel di Qualifiche per le Quotazioni e intende fare appello alla decisione. Le negoziazioni continueranno durante il processo di appello. Mentre la società sta lavorando per ripristinare la conformità, non c'è alcuna garanzia di successo.
Regional Health Properties ha recibido un aviso de deslistado de NYSE American tanto para sus acciones ordinarias como para sus Acciones Preferentes de Serie A. La Regulación de la NYSE determinó que la compañía no logró recuperar el cumplimiento con las Secciones 1003(a)(i) y (ii) de la Guía de Empresas de la NYSE American para el final de su período de cumplimiento de 18 meses, el 10 de noviembre de 2024.
La compañía tiene hasta el 18 de noviembre de 2024 para solicitar una revisión por parte del Panel de Calificaciones de Listado e tiene la intención de apelar la determinación. La negociación continuará durante el proceso de apelación. Mientras la compañía trabaja para recuperar el cumplimiento, no hay garantía de éxito.
Regional Health Properties는 NYSE American으로부터 보통주와 A시리즈 우선주 모두에 대한 상장 폐지 통지를 받았습니다. NYSE 규제 당국은 회사가 18개월의 준수 기간이 끝나는 2024년 11월 10일 이전에 NYSE American 회사 가이드의 1003(a)(i) 및 (ii) 섹션을 준수하지 못했다고 판단했습니다.
회사는 2024년 11월 18일까지 상장 자격 패널에 검토 요청을 할 수 있으며, 결정에 대해 항소할 예정입니다. 항소 과정 동안 거래는 계속될 것입니다. 회사가 준수를 회복하기 위해 노력하고 있지만 성공이 보장되는 것은 아닙니다.
Regional Health Properties a reçu un avis de radiation de la NYSE American pour ses actions ordinaires ainsi que pour ses actions privilégiées de série A. La régulation de la NYSE a déterminé que l'entreprise n'a pas réussi à se conformer aux Sections 1003(a)(i) et (ii) du Guide des entreprises de la NYSE American avant la fin de sa période de conformité de 18 mois, fixée au 10 novembre 2024.
L'entreprise a jusqu'au 18 novembre 2024 pour demander un examen par le Panel des qualifications de cotation et a l'intention de faire appel de la décision. Les échanges continueront pendant le processus d'appel. Bien que l'entreprise travaille à rétablir la conformité, il n'y a aucune garantie de succès.
Regional Health Properties hat eine Delisting-Mitteilung von der NYSE American für sowohl ihre Stammaktien als auch für die Serie A Vorzugsaktien erhalten. Die NYSE-Regulierung hat festgestellt, dass die Gesellschaft es versäumt hat, die Übereinstimmung mit den Abschnitten 1003(a)(i) und (ii) des Unternehmensleitfadens der NYSE American bis zum Ende ihrer 18-monatigen Compliance-Phase am 10. November 2024 wiederherzustellen.
Das Unternehmen hat bis zum 18. November 2024 Zeit, um eine Überprüfung durch das Listings Qualifications Panel zu beantragen, und beabsichtigt, gegen die Entscheidung Berufung einzulegen. Der Handel wird während des Berufungsverfahrens fortgesetzt. Während das Unternehmen daran arbeitet, die Compliance wiederherzustellen, gibt es keine Erfolgsgarantie.
- None.
- Received NYSE American delisting notice for both common stock and preferred shares
- Failed to meet compliance requirements after maximum 18-month period
- Risk of permanent delisting from NYSE American
- Potential negative impact on stock liquidity and trading accessibility
Insights
The delisting notice from NYSE American represents a significant challenge for Regional Health Properties. The company failed to meet the minimum stockholders' equity requirements under Sections 1003(a)(i) and (ii) after an 18-month compliance period. Key implications include:
- Potential forced transition to OTC markets if the appeal fails, resulting in reduced liquidity and institutional investor access
- Increased difficulty in raising capital through equity markets
- Higher volatility risk and wider bid-ask spreads
While the stock continues trading during the appeal process, the company's
This delisting threat highlights deeper operational concerns for this healthcare REIT. The inability to maintain minimum equity requirements suggests significant challenges in the underlying real estate portfolio performance and capital structure. The senior living and long-term care sectors face headwinds from rising interest rates and operational costs. Without NYSE American listing status, the company's ability to execute sale-leaseback transactions or access capital markets will be severely constrained. Both common stockholders and preferred shareholders face increased risks, as delisting could trigger covenants in debt agreements or impact the company's ability to meet preferred dividend obligations.
ATLANTA, GA, Nov. 11, 2024 (GLOBE NEWSWIRE) -- Regional Health Properties, Inc. (the “Company,” “we” or “our”) (NYSE American: RHE) (NYSE American: RHE-PA), a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term care, announced today that, on November 11, 2024, NYSE American LLC (“NYSE American” or the “Exchange”) publicly announced and provided a notice (the “Staff Determination”) to the Company that NYSE Regulation has determined to commence proceedings to delist the Company’s common stock, no par value (the “Common Stock”), and the Company’s Series A Redeemable Preferred Shares, no par value (the “Series A Preferred Shares” and, together with the Common Stock, the “Securities”), from NYSE American. The NYSE Regulation has determined that the Company is no longer suitable for listing pursuant to Section 1009(a) of the NYSE American Company Guide (the “Company Guide”) as the Company was unable to demonstrate that it had regained compliance with Sections 1003(a)(i) and (ii) of the Company Guide by the end of the maximum 18-month compliance plan period, which expired on November 10, 2024.
The Company has a right to a review of the NYSE Regulation determination to delist the Securities by the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the Exchange (the “Panel”). The Company’s request for such a review must be made by November 18, 2024. The Company intends to appeal such determination. The Company expects the Securities to continue to trade on NYSE American during the appeal process.
Following such appeal, a decision by the Panel will be made and announced by NYSE American regarding either proceeding with suspension and delisting or continued trading in the Securities. The filing of an application with the Securities and Exchange Commission (“SEC”) to delist the Securities is pending completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation’s decision. The Company is working diligently to regain compliance with Sections 1003(a)(i) and (ii) of the Company Guide. However, there can be no assurance that the Company will regain compliance with Sections 1003(a)(i) and (ii) of the Company Guide before any hearing occurs.
About Regional Health Properties
Regional Health Properties, Inc., a Georgia corporation, is a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term care. For more information, visit www.regionalhealthproperties.com.
Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbor created under the Private Securities Litigation Reform Act of 1995 and other safe harbors under the Securities Act of 1933, as amended, and 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. These forward-looking statements include, but are not limited to, statements regarding the trading in the Company’s Securities on the NYSE American and the Company’s ability to appeal the delisting of the Securities by NYSE American.
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; increases in market interest rates and inflation; our ability to meet the continued listing requirements of the NYSE American and to maintain the listing of our securities thereon; 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; epidemics or pandemics, including the COVID-19 pandemic, and the related impact on our tenants, operators and healthcare facilities; and other factors discussed from time to time in our news releases, public statements and documents filed by us with the SEC 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.
| Company Contact |
| Brent Morrison, CFA |
| Chief Executive Officer & President |
| Regional Health Properties, Inc. |
| Tel (678) 368-4402 |
| Brent.morrison@regionalhealthproperties.com |
FAQ
Why is RHE stock being delisted from NYSE American?
When will RHE stock stop trading on NYSE American?
What is the deadline for RHE to appeal the NYSE American delisting notice?
