ATLANTA, GA, May 17, 2023 (GLOBE NEWSWIRE) -- Regional Health Properties, Inc. (the "Company," "we," "us" 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 the Company received a notice from the NYSE American LLC (the "Exchange") on May 10, 2023 that the Company was not in compliance with the continued listing standard set forth in Section 1003(a)(ii) of the NYSE American Company Guide (the "Company Guide"). Specifically, this section requires that a listed company have shareholders' equity of $4.0 million or more if it has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years. The Company reported shareholders' equity of approximately $3.7 million as of December 31, 2022, and has had losses from continuing operations and/or net losses in three of its four most recent fiscal years ended December 31, 2022. As a result, the Company has become subject to the procedures and requirements of Section 1009 of the Company Guide and must submit a plan to the Exchange by June 9, 2023 addressing how the Company intends to regain compliance with Section 1003(a)(ii) by November 10, 2024.
The Company intends to prepare and timely deliver a plan of compliance to the Exchange. If the Company does not submit a plan, or if the plan the Company submits is not accepted by the Exchange, the Company will be subject to delisting proceedings as specified in the Company Guide. In addition, if the plan is accepted by the Exchange, but the Company is not in compliance with the continued listing standards by November 10, 2024, or if the Company does not make progress consistent with the plan, the Company will be subject to delisting proceedings. The Company will have the right to appeal any delisting determination made by the Exchange staff. If the plan is accepted, the Company will also be subject to periodic Exchange reviews, including quarterly monitoring for compliance with the plan.
The Common Stock and 10.875% Series A Cumulative Redeemable Preferred Shares will continue to trade under the symbols "RHE" and "RHE-PA," respectively, but will each have an added designation of ".BC" to indicate that the Company is not in compliance with the Exchange's continued listing standards.
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.
Company & Investor Relations Contact
Brent Morrison, CFA
Chief Executive Officer & President
Regional Health Properties, Inc.
Tel (678) 368-4402
Brent.morrison@regionalhealthproperties.com
