SANTA ANA, CA, Aug. 17, 2009– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the company has been notified by the New York Stock Exchange (top left photo, trading floor) that it is not in compliance with the NYSE’s continued listing standards. The company’s business operations, SEC reporting requirements and credit agreements are unaffected by the notification.
Grubb & Ellis is considered below criteria established by the NYSE because the company’s total market capitalization has been less than $50 million over a consecutive 30 trading-day period and its last reported stockholders’ equity was less than $50 million.
In accordance with NYSE procedures, Grubb & Ellis has 45 days from the receipt of the notice to submit a plan to the NYSE demonstrating how it intends to bring the company in compliance with the listing standards within the required timeframe. The company intends to cure the deficiencies and to return to compliance with the NYSE continued listing requirements.
Grubb & Ellis is considered below criteria established by the NYSE because the company’s total market capitalization has been less than $50 million over a consecutive 30 trading-day period and its last reported stockholders’ equity was less than $50 million.
In accordance with NYSE procedures, Grubb & Ellis has 45 days from the receipt of the notice to submit a plan to the NYSE demonstrating how it intends to bring the company in compliance with the listing standards within the required timeframe. The company intends to cure the deficiencies and to return to compliance with the NYSE continued listing requirements.
On February 20, 2009, prior to the NYSE’s imposition of a moratorium with respect to the minimum average trading price of listed securities, the company was notified that it was not in compliance with the NYSE’s continued listing standard related to maintaining a minimum average closing price of $1 per share over 30 consecutive trading days.
The six-month cure period was suspended until the moratorium was lifted on August 1, 2009, giving the company until January 23, 2010 to come back into compliance with the minimum average closing price per share requirement. Contacts:
Janice McDill, 312.698.6707, janice.mcdill@grubb-ellis.com
Rich Pehlke, 312.698.6711, rich.pehlke@grubb-ellis.com
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