Trinity Place Holdings Inc. (NYSE American: TPHS) (the “Company”) announced that on February 21, 2024, the NYSE American notified the Company that it had reviewed the plan of compliance (the “Plan”) that the Company submitted to the NYSE American and determined to accept the Plan and grant a cure period through May 29, 2025. As previously disclosed, on November 29, 2023, the Company received a deficiency letter from the NYSE American indicating that the Company was not in compliance with the NYSE American’s continuing listing standards set forth in Sections 1003(a)(i) and (ii) of the NYSE Company Guide since it reported stockholders’ deficit of $(1.2) million as of September 30, 2023 and losses from continuing operations and/or net losses in three of its four most recent fiscal years ended December 31, 2022. As a result of the acceptance of the Company’s plan of compliance, the Company’s listing is being continued pursuant to an extension. The NYSE American staff will review the Company periodically for compliance with the initiatives outlined in the Plan. If the Company is not in compliance with the continued listing standards by May 29, 2025 or if the Company does not make progress consistent with the Plan during the cure period, the NYSE American staff will initiate delisting proceedings as appropriate.
Shares of AXT, Inc. (NASDAQ: AXTI) rose sharply in today’s pre-market trading after the company reported better-than-expected fourth-quarter financial results.
Trinity Place Holdings Inc. (NYSE American: TPHS) (the “Company”) announced that on February 14, 2024 the Company closed its previously announced recapitalization transactions. In connection with these transactions, the maturity date of each of the mortgage loan agreement and mezzanine loan agreement for the 77 Greenwich property was extended to October 23, 2025 with an option to extend for an additional year. At the closing, the lender under the Company’s corporate credit facility purchased 25,112,245 shares of common stock of the Company and the maturity date of the Company’s corporate credit facility was extended to June 30, 2026. In addition, an affiliate of the lender acquired a 5% interest in and became the manager of the joint venture that holds the Company’s real estate assets and related liabilities, including the corporate credit facility, with the Company retaining a 95% interest in the joint venture, in addition to substantial federal, state and local tax net operating losses and certain intellectual property assets. The joint venture has additionally engaged the Company to act as asset manager for the joint venture for an annual management fee. The Company believes that the transactions will allow for an improved structure for a new investor to invest in the Company, which is less complex as a result of the real estate assets and substantially all liabilities being off-balance sheet. In addition, the parties have agreed to certain provisions in the stock purchase agreement to accommodate a new strategic partner that may invest in the Company.
Trinity Place Holdings Inc. (NYSE American: TPHS) (the “Company”) announced that, effective as of January 5, 2024, the Company had entered into a stock purchase agreement with the lender under its corporate credit facility and an affiliate of such lender (the “Investor”), pursuant to which the Investor will be issued 25,112,245 shares of common stock of the Company for a purchase price of $0.30 per share in accordance with the terms and conditions of the stock purchase agreement. At the closing of the transactions contemplated by the stock purchase agreement, the Company and the Investor will enter into a joint venture agreement, pursuant to which the joint venture will be appointed the initial manager of, and acquire a five percent (5%) interest in, the joint venture, which joint venture will continue to own, indirectly, all of the real property assets of the Company upon the consummation of the transactions contemplated by the stock purchase agreement and the joint venture agreement, and which joint venture will initially hire a newly formed wholly-owned subsidiary of the Company to act as asset manager for the joint venture for an annual management fee. The Company expects that net proceeds from the issuance of the shares to the Investor at the closing of the transactions will be approximately $4.5 million.
U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling more than 100 points on Wednesday. The Dow traded down 0.52% to 37,518.35 while the NASDAQ fell 0.98% to 14,621.38. The S&P 500 also fell, dropping, 0.61% to 4,713.82.
Trinity Place Holdings Inc. (AMEX:TPHS) shares are racing higher Wednesday. The company reported that its mortgage lender has agreed to extend the mortgage loan forbearance period to Jan. 31.
U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling around 150 points on Wednesday. The Dow traded down 0.79% to 37,417.28 while the NASDAQ fell 1.01% to 14,616.58. The S&P 500 also fell, dropping, 0.78% to 4,705.94.
U.S. stocks traded lower this morning, with the Dow Jones index falling more than 100 points on Wednesday. Following the market opening Wednesday, the Dow traded down 0.35% to 37,584.32 while the NASDAQ fell 0.66% to 14,668.39. The S&P 500 also fell, dropping, 0.49% to 4,719.52.
