SANTA ANA, CA (May 25, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today reported that on May 19, 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 an average market capitalization of not less than $50 million over 30 consecutive trading days and shareholders’ equity of not less than $50 million.
The company intends to notify the NYSE that it will submit a plan within 45 days from the receipt of the NYSE notice that demonstrates its ability to regain compliance within 18 months. Upon receipt of the company’s plan, the NYSE has 45 calendar days to review and determine whether the company has made a reasonable demonstration of its ability to come into conformity with the relevant standards within the 18-month period, or whether it will require the company to do so within a lesser time period.
The NYSE will either accept the plan, at which time it will specify the applicable time period within which the company has to come into compliance. Thereafter, the company will be subject to ongoing monitoring for compliance with this plan.
Alternatively, should the NYSE reject the plan, the company will be subject to suspension and delisting proceedings.
The company’s business operations, SEC reporting requirements and debt instruments are unaffected by the notification.
During any cure period, the company’s 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.
The company previously announced in April that it had been notified by the NYSE that it was not in compliance with the NYSE’s continued listing standard as the minimum average closing price of the company’s common stock fell below $1.00 per share for over 30 consecutive trading days.
The company is in the process of developing a plan to comply with this continued listing standard as well.
In March, Grubb & Ellis announced that it had engaged JMP Securities to explore strategic alternatives, including the potential sale or merger of the company.
Contact: Janice McDill, Phone: 312.698.6707
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