DALLAS, March 1, 2024 /PRNewswire/ -- Ashford Inc.
(NYSE American: AINC) ("Ashford" or the "Company") today announced
that the NYSE American LLC (the "NYSE American") has accepted the
Company's plan of compliance for continued listing on the
exchange.
As previously reported, on December 20, 2023, the
Company received notification (the "Letter") from the NYSE American
that it was not in compliance with the continued listing standards
set forth in the NYSE American Company Guide (the "Company Guide").
Specifically, the Letter indicated that the Company was not in
compliance with Sections 1003(a)(i) and 1003(a)(ii) of the Company
Guide, requiring a listed company to have stockholders' equity of
(i) at least $2.0 million if it has
reported losses from continuing operations or net losses in two of
its three most recent fiscal years and (ii) at least $4.0 million if it has reported losses from
continuing operations or net losses in three of its four most
recent fiscal years. The Letter noted that the Company reported a
stockholders' deficit of $295.7
million as of September 30, 2023, and has had
losses from continuing operations and/or net losses in three of its
four most recent fiscal years ended
December 31, 2022.
The Company was required to submit a plan to the NYSE American
by January 19, 2024 addressing how it intends to regain
compliance with Sections 1003(a)(i) and (ii) of the Company Guide
by June 20, 2025, or sooner if the NYSE American
determines that the nature and circumstances of the Company's
continued listing status warrant a shorter period of time. The
Company submitted a plan prior to the deadline.
On February 27, 2024, the Company received notice from
the NYSE American that it had accepted the Company's plan and
granted a plan period through June 20, 2025. During the
plan period the Company will be subject to quarterly review to
determine if it is making progress consistent with the plan. If the
Company does not regain compliance with the NYSE American listing
standards by June 20, 2025, or if the Company does not
make sufficient progress consistent with its plan, then the NYSE
American may initiate delisting proceedings.
The Company's stock will continue to be listed on the NYSE
American during the plan period pursuant to an extension. The
Company's receipt of such notification from the NYSE American does
not affect the Company's business, operations or reporting
requirements with the U.S. Securities and Exchange Commission.
The Company can provide no assurances that it will be able to
make progress with respect to its plan that NYSE American will
determine to be satisfactory, that it will regain compliance with
Section 1003(a)(i) and (ii) of the Company Guide on or before the
expiration of the plan period, or that developments and events
occurring subsequent to the Company's formulation of the plan or
its acceptance by the NYSE American will not adversely affect the
Company's ability to make sufficient progress and/or regain
compliance with Section 1003(a)(i) and (ii) of the Company Guide on
or before the expiration of the plan period or result in the
Company's failure to be in compliance with other NYSE American
continued listing standards.
Ashford is an alternative asset management company with a
portfolio of strategic operating businesses that provides global
asset management, investment management and related services to the
real estate and hospitality sectors.
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release include, among others, statements
about the Company's strategy and future plans. These
forward-looking statements are subject to risks and uncertainties.
When we use the words "will likely result," "may," "anticipate,"
"estimate," "should," "expect," "believe," "intend," or similar
expressions, we intend to identify forward-looking statements. Such
statements are subject to numerous assumptions and uncertainties,
many of which are outside Ashford Inc.'s control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: our ability to maintain compliance with NYSE American
LLC continued listing standards; our ability to regain Form S-3
eligibility; our ability to repay, refinance or restructure our
debt and the debt of certain of our subsidiaries; anticipated or
expected purchases or sales of assets; our projected operating
results; completion of any pending transactions; our understanding
of our competition; market trends; projected capital expenditures;
the impact of technology on our operations and business; general
volatility of the capital markets and the market price of our
common stock and preferred stock; availability, terms and
deployment of capital; availability of qualified personnel; changes
in our industry and the markets in which we operate, interest rates
or the general economy; and the degree and nature of our
competition. These and other risk factors are more fully discussed
in the Company's filings with the Securities and Exchange
Commission.
The forward-looking statements included in this press release
are only made as of the date of this press release. Such
forward-looking statements are based on our beliefs, assumptions,
and expectations of our future performance taking into account all
information currently known to us. These beliefs, assumptions, and
expectations can change as a result of many potential events or
factors, not all of which are known to us. If a change occurs, our
business, financial condition, liquidity, results of operations,
plans, and other objectives may vary materially from those
expressed in our forward-looking statements. You should carefully
consider this risk when you make an investment decision concerning
our securities. Investors should not place undue reliance on these
forward-looking statements. The Company can give no assurance that
these forward-looking statements will be attained or that any
deviation will not occur. We are not obligated to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or circumstances, changes in
expectations, or otherwise, except to the extent required by
law.
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SOURCE Ashford Inc.