DALLAS, July 19, 2013 /PRNewswire/ -- PMC Commercial Trust (NYSE MKT: PCC), (the "Company" or "PMC Commercial") announced today that it has received a letter from the staff of the NYSE MKT LLC (the "Exchange") notifying it that it is not in compliance with certain of the Exchange's continued listing standards as set forth in Sections 802(a) and 803(B)(2)(a) of the NYSE MKT Company Guide (the "Company Guide") as a result of the resignation of Mr. Irving Munn from the Company's Board of Trust Managers. As previously disclosed on its Form 8-K filed with the Securities and Exchange Commission on June 19, 2013, Mr. Munn resigned from the Company's Board of Trust Managers effective as of June 17, 2013. Following such resignation, a majority of the trust managers on the Company's Board of Trust Managers are not independent (only two of four are currently independent) and its audit committee is comprised of two independent trust managers rather than the requisite three independent trust managers.
According to Sections 802(b) and 803(B)(6)(b) of the Company Guide, the Company will have until the earlier of its next annual shareholders' meeting or one year from the occurrence of the event that caused the failure to comply with the board independence and audit committee composition requirements; provided, however, that if the annual shareholders' meeting occurs no later than 180 days following the event that caused the failure to comply with this requirement, the listed issuer shall instead have 180 days from such event to regain compliance. In setting this deadline for compliance, the Staff of the Exchange has determined not to apply the follow-up procedures specified in Section 1009 of the Company Guide. The notice has no immediate effect on the listing of the Company's common shares on the Exchange.