CIM COMMERCIAL TRUST CORPORATION (NASDAQ:CMCT) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Ruleor Standard; Transfer of Listing.
On January30, 2018, CIM Commercial Trust Corporation (the “Company”) received two letters from the NASDAQ Stock Market LLC (“Nasdaq”) notifying the Company that it was not in compliance with certain Nasdaq Listing Rulesdescribed below. The Company immediately addressed the concerns raised in these two letters and, on February2, 2018, the Company received written notification from Nasdaq stating that the Company is in compliance with such Nasdaq Listing Rules.
The two letters received on January30 stated that for the previous thirty consecutive business days, (i)the bid price for the Company’s SeriesL Preferred Stock, $0.001 par value per share (the “SeriesL Preferred Stock”), had closed below the minimum $1.00 per share to Nasdaq Listing Rule5460(a)(3)(“Bid Price Rule”) and (ii)the market value of publicly held shares of SeriesL Preferred Stock based on that was below the $1 million minimum to Nasdaq Listing Rule5460(a)(2)(“Market Value Rule”). In each case, the Company was provided a period of 180 calendar days from the date of such notice in which to regain compliance.
As disclosed in the prospectus relating to the SeriesL Preferred Stock, the SeriesL Preferred Stock is dually-listed on Nasdaq and the Tel Aviv Stock Exchange (the “TASE”) and was expected to trade little, if any, on Nasdaq. The SeriesL Preferred Stock has always maintained on the TASE a bid price well in excess of $1.00 per share and a market value of publicly held shares well in excess of $1 million. However, market data from trading of the SeriesL Preferred Stock on the TASE is not taken into account for purposes of Nasdaq’s Bid Price Ruleand Market Value Rule.
The letter received on February2 stated that the Company is now in compliance with Nasdaq’s Bid Price Rule and Market Value Rule. Accordingly, Nasdaq and the Company consider the matters raised in the two January30 letters closed.