PREIT (NYSE: PEI), a leading operator of diverse retail and experiential destinations, today announced that it received written notification from the New York Stock Exchange (the “NYSE”) that it has regained compliance with the NYSE continued listing standards.
“We are pleased to have regained compliance with all NYSE listing requirements,” said Joseph F. Coradino, CEO of PREIT. “We remain focused on execution of our strategic plan to strengthen the Company and create value by re-establishing our portfolio as multi-use destinations.”
As previously disclosed, on September 25, 2020, the Company received formal notice from the NYSE that it was not in compliance with the NYSE’s continued listing standards as a result of the average closing price of the Company’s common shares being less than $1.00 per share over a consecutive 30 trading-day period.
The Company regained compliance after its closing share price on December 31, 2020 and its average closing share price for the 30 trading-day period ended December 31, 2020 both exceeded $1.00. Accordingly, the Company has resumed compliance under the NYSE continued listing standards.