Care Investment Trust Inc. Announces Suspension Of Trading On New York Stock Exchange And Intention To Appeal The Suspension
NEW YORK, Aug. 31 /PRNewswire-FirstCall/ -- Care Investment Trust Inc. (NYSE: CRE) ("Care" or the "Company"), a real estate investment and finance company that invests in healthcare-related real estate and commercial mortgage debt, today announced that it received a letter dated August 27, 2010, from the New York Stock Exchange ("NYSE") stating that the common stock of the Company was suspended from the NYSE as of market close on August 26, 2010, and an application by the NYSE to the Securities and Exchange Commission ("SEC") to delist the issue is pending completion of applicable NYSE procedures, which includes the Company's right to appeal the NYSE Staff's decision. The letter also stated that the NYSE decision was made after having received the final results on the completion of the Company's self tender offer, which confirmed that fewer than 600,000 shares of the Company's common stock remained publicly held.
The Company intends to appeal the NYSE Staff's decision and to promptly take steps to cure the deficiency related to the minimum number of publicly held shares. However, there can be no assurance that it will be successful in doing so. The review process by NYSE requires a minimum of 25 business days from receipt of the Company's notice of appeal.
The actions being considered to address the deficiency related to the minimum number of publicly held shares include the possible declaration of a stock split to be effected in the form of a stock dividend, subject to, among other things, the review and approval of the Board of Directors of the Company. The Company will update stockholders regarding this issue in a future press release.
In order to facilitate trading in its stock during the pendency of the NYSE appeal process, the Company intends to apply for listing on the OTCQX listing platform. There can be no assurance that such application will be granted by the OTCQX or that there will continue to be an active trading market for the Company's common stock. The Company will update stockholders of the acceptance or denial of the OTCQX application through the issuance of a future press release.
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