Power REIT Faces NYSE American Non-Compliance Notification
Power REIT Receives NYSE American Non-Compliance Notice
Power REIT (NYSE: PW, NYSE: PW-PA, NYSE: PW.PRA) has recently encountered a significant notification from NYSE Regulation regarding continued listing standards. This notice informs the company of its current non-compliance status, specifically related to stockholders' equity requirements stipulated in the NYSE American Company Guide.
Understanding the Non-Compliance Issue
As of June 30, 2024, Power REIT reported stockholders' equity of $322,626, which raises concerns given the standard requirement of at least $2.0 million for entities that have experienced net losses over recent fiscal years. The NYSE Notice indicates that the Trust has fallen short of this criterion, which necessitates a formal response and compliance plan.
Action Plan Submission
In response to this notice, Power REIT is required to prepare and submit a comprehensive plan to NYSE Regulation by October 3, 2024. This plan should detail the steps to be undertaken to regain compliance with listing standards by March 3, 2026. If accepted, the plan will be subject to periodic reviews, including quarterly monitoring to ensure adherence and progress.
Consequences of Non-Compliance
Should Power REIT fail to submit a suitable plan or if the plan receives rejection from the NYSE, it will face delisting proceedings. Furthermore, if the Trust does not meet the compliance standards by the stipulated deadline or fails to demonstrate progress according to the accepted plan, delisting actions may also follow.
Impact on Trading and Operations
The notice of non-compliance does not result in immediate trading suspension for Power REIT's common or preferred shares. The shares will continue to be listed and traded, though they will carry a designation indicating their below compliance status. Investors can still trade under the symbols “PW” with the additional designation of “.BC”. Importantly, this status does not alter the Trust’s ongoing commitments to its business operations or its obligations to report to the Securities and Exchange Commission.
About Power REIT
Power REIT specializes in sustainable real estate investments, operating under the principle of the "Triple Bottom Line", which emphasizes the balance of people, planet, and profit. The company invests in infrastructure assets aimed at Controlled Environment Agriculture, Renewable Energy, and Transportation, reflecting its commitment to sustainable practices.
Future Prospects and Strategic Focus
Power REIT remains dedicated to addressing its compliance challenges. The leadership recognizes the importance of restoring confidence among its investors and stakeholders while continuing to advance its operational goals. The Trust aims to leverage its expertise in sustainable real estate to drive long-term value creation.
Contact Information
For additional inquiries about Power REIT, please reach out to:
David H. Lesser, Chairman & CEO
Phone: 212-750-0371
Email: dlesser@pwreit.com
301 Winding Road, Old Bethpage, NY 11804
Frequently Asked Questions
What is the reason for Power REIT's non-compliance notice?
Power REIT received a non-compliance notice due to insufficient stockholders' equity, reported at $322,626, which does not meet the $2.0 million requirement.
What must Power REIT do to regain compliance?
The Trust is required to submit a compliance plan to the NYSE by October 3, 2024, detailing steps to rectify the issue by March 3, 2026.
Will trading of Power REIT shares be affected?
Trading of Power REIT shares will continue, but they will carry a designation indicating below compliance status.
What are the long-term prospects for Power REIT?
Power REIT aims to return to compliance and continues to focus on sustainable investments, thereby driving long-term value creation.
Who can I contact for more information about Power REIT?
For inquiries, you can contact David H. Lesser via email at dlesser@pwreit.com or call 212-750-0371.
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