Saturday, April 9, 2011
SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has reported that on April 7, 2011, it was notified by the New York Stock Exchange that it is not currently in compliance with the NYSE’s continued listing standards, which require a minimum average closing price of $1 per share over 30 consecutive trading days.
Subject to providing required notice and an ongoing assessment by the NYSE, the company is permitted up to a six-month period, from the date of the notification to cure this deficiency.
During this period, Grubb & Ellis common shares will continue to be listed and traded on the NYSE, subject to its compliance with other NYSE continued listing standards, and a “.BC” indicator will be affixed to the GBE ticker symbol.
As required, the company intends to notify the NYSE that it intends to cure the deficiency. The company’s business operations, SEC reporting requirements and debt instruments are unaffected by the notification.
On March 21, Grubb & Ellis announced that it had engaged JMP Securities to explore strategic alternatives, including the potential sale or merger of the company.
Grubb & Ellis also announced on March 30, that it had received an $18 million financing commitment from Colony Capital, LLC, in the form of a senior secured term loan facility, which gives Colony 60 days to evaluate the possibility of making a larger strategic investment.
Contact: Janice McDill, Phone, 312.698.6707