INNSUITES HOSPITALITY TRUST (NYSEMKT:IHT) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01
|
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On January 19, 2017, InnSuites Hospitality Trust (the Trust)
received a letter from the NYSE MKT LLC (f/k/a AMEX) (the NYSE
MKT) informing the Trust that the staff of the NYSE MKTs
Corporate Compliance Department has determined that the Trust is
not in compliance with Section 1003(a)(iii) of the NYSE MKT
Company Guide due to the Trust having stockholders equity of less
than $6.0 million and net losses from continuing operations in
its five most recent fiscal years ended January 31, 2016.
The NYSE MKTs letter informed the Trust that, to maintain its
listing, it must submit a plan of compliance by February 20,
2017, addressing how it intends to regain compliance with the
NYSE MKTs continued listing standards within the maximum
potential 18-month plan period available (the Plan Period).
Elements of the compliance plan may include the sale of one or
more of its assets (Management believes IHT hotels have a much
lower book value than market value), sale of additional Trust
stock at market value, sale of minority interest in specific
hotel properties and/or anticipated continuation of the current
operational upward current trends in hotel gross operating
profits. The NYSE MKTs letter provides that if the plan submitted
by the Trust is accepted by the NYSE MKT, the Trust may be able
to continue its listing during the Plan Period, during which time
it will be subject to periodic review to determine whether it is
making progress consistent with the Trusts plan.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits. |
| 99.1 |
Press Release of InnSuites Hospitality Trust, dated January 24, 2017. |
About INNSUITES HOSPITALITY TRUST (NYSEMKT:IHT)
InnSuites Hospitality Trust (the Trust) is a real estate investment trust. The Trust is engaged in the ownership and operation of hotel properties. The Trust, with its affiliates RRF Limited Partnership and InnSuites Hotels, Inc., owns interest and operates approximately four hotels, provides management services for approximately six hotels and provides trademark license services for approximately seven hotels. The Trust operates through two segments: Hotel Operations & Corporate Overhead and IBC Developments. Its Hotel Operations & Corporate Overhead segment consists of its hotel operations at its Yuma, Arizona property. Its InnDependent Boutique Collection (IBC Hotels) or IBC Developments, a subsidiary of InnSuites Hospitality Trust, has a network of approximately 6,300 unrelated hotel properties. It provides revenue generating services and cost savings solutions to independent boutique hotels. The Trust’s hotels are trademarked as InnSuites Hotels. INNSUITES HOSPITALITY TRUST (NYSEMKT:IHT) Recent Trading Information
INNSUITES HOSPITALITY TRUST (NYSEMKT:IHT) closed its last trading session 00.00 at 2.16 with 329 shares trading hands.