New England Realty Associates (NYSE AMEX: NEN) Completes 3-for-1 Forward Split of Depositary Receipts
ALLSTON, Mass., Jan. 10, 2012 /PRNewswire/ -- On September 9, 2011, New England Realty Associates Limited Partnership (the "Partnership") received a notification letter from the Corporate Compliance Department of the NYSE Amex LLC (the "NYSE Amex") indicating that as of June 30, 2011 the Partnership is not in compliance with the minimum stockholders' equity requirement for continued listing of the Partnership's Depositary Receipts on the NYSE Amex. Specifically, the Partnership is not in compliance with Section 1003(a)(i) of the NYSE Amex Company Guide (the "Company Guide") since it reported stockholders' equity of less than $2,000,000 at June 30, 2011 and has incurred losses from continuing operations and/or net losses in two out of its three most recent fiscal years ended December 31, 2010.
On October 4, 2011, the Partnership submitted a plan of compliance (the "Compliance Plan") that was accepted by the NYSE Amex on November 10, 2011. In furtherance of the Compliance Plan, on January 3, 2012 the Partnership completed its previously authorized 3-for-1 forward stock split (the "Stock Split") of its Depositary Receipts listed on the NYSE Amex and a concurrent adjustment of the exchange ratio of Depositary Receipts for Class A Units of the Partnership from 10-to-1 to 30-to-1, such that each Depositary Receipt shall represent one-thirtieth (1/30) of a Class A Unit of the Partnership.
On January 6, 2012, the NYSE Amex notified the Partnership that as a result of the Stock Split the Partnership has resolved it continued listing deficiency and now qualifies for the market capitalization exception in Section 1003(a) of the Company Guide.
SOURCE New England Realty Associates Limited Partnership