Trinity Place - TPHS STOCK NEWS

Trinity Place Holdings Inc. (TPHS) closed recapitalization transactions, extending loan agreements and corporate credit facility maturity dates. Lender purchased 25,112,245 shares of common stock, and an affiliate acquired a 5% interest in the joint venture. The Company will act as asset manager for the joint venture. The transactions aim to simplify the structure for new investors and accommodate a potential strategic partner.

Trinity Place Holdings Inc. (NYSE American: TPHS) announced a stock purchase agreement with a lender for 25,112,245 shares of common stock at $0.30 per share, a joint venture agreement, and a notice from NYSE American regarding its low stock price.

Trinity Place Holdings Inc. (NYSE American: TPHS) received a notice from the NYSE American advising non-compliance with listing standards due to stockholders' deficit and losses in recent fiscal years. The company must submit a compliance plan by December 29, 2023, to regain compliance by May 29, 2025.

Trinity Place Holdings Inc. (NYSE American: TPHS) announced an update on its strategic review process to maximize shareholder value. The company has engaged Houlihan Lokey and Ackman Ziff as financial advisors to evaluate various strategic alternatives, which may include financing options, mergers, or sales. However, there is no guarantee that this review will yield a conclusive outcome, and no timetable has been set for its completion. The company’s largest asset is a mixed-use project at 77 Greenwich Street in New York City, nearing completion. As of September 30, 2022, TPHS reported net operating loss carryforwards of approximately $268 million.

Trinity Place Holdings Inc. (NYSE American: TPHS) announces that its new residential tower, Jolie on Greenwich, has received a LEED Silver Certification from the U.S. Green Building Council. Located at 77 Greenwich Street in Lower Manhattan, the 42-story tower features 90 upscale residences and over 7,000 sq. ft. of retail space, along with a public elementary school. The development emphasizes energy efficiency and sustainability, aligning with modern living standards. Pricing for available units starts at $1.75 million.

Trinity Place Holdings Inc. (NYSE American: TPHS) recently reported the successful opening of the Trinity Place Learning Center, which now accommodates 420 students, significantly increasing capacity from 186. The center's first day coincided with the prestigious Blue Ribbon School award recognition. The Jolie condo project is nearing completion, with remaining units priced from $1.575 million. The company has entered an exclusivity period with an asset manager to negotiate refinancings and explore new business opportunities. TPHS remains compliant with NYSE listing standards.

Trinity Place Holdings Inc. (NYSE: TPHS) announced it received a notice from the NYSE on August 23, 2022, regarding non-compliance with its continued listing standards due to the late filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. The company needs to file this report within six months. Additionally, it plans to restate its financial statements for 2021 and early 2022 due to accounting errors related to construction costs at 77 Greenwich Street. The company expects to file the 10-Q in early September 2022.

Trinity Place Holdings Inc. (NYSE: TPHS) announced the sale of The Berkley in Williamsburg, Brooklyn for $71.02 million. The sale's net proceeds will be allocated for working capital and new investments. CEO Matthew Messinger highlighted the strong demand for high-quality multifamily assets despite rising interest rates, noting The Berkley's 99% occupancy and nearly 20% net effective rent growth over the past year. Additionally, construction is progressing at 77 Greenwich, with temporary occupancy certificates expected this summer.