Excerpt from StockTitan Article, Published on Sep 05, 2024.
Power REIT has been issued a notice of non-compliance from NYSE American, citing insufficient stockholders’ equity. As of June 30, 2024, the Trust reported equity of $322,626, significantly below the required $2.0 million threshold for companies with reported losses in two of the last three fiscal years. This Power REIT non-compliance notice requires the Trust to submit a compliance plan by October 3, 2024, with a goal to meet the standards by March 3, 2026.
If the compliance plan is accepted, Power REIT will be subject to periodic reviews and monitoring. Failure to submit an acceptable plan or achieve compliance could result in delisting proceedings. Despite this, Power REIT’s common and preferred stock will continue trading on the NYSE American under the ticker symbol “PW” but will carry a “.BC” designation indicating below-compliance status.
The notice does not immediately affect the Trust’s business operations or its SEC reporting obligations. Power REIT must work diligently to regain compliance to avoid further consequences, including delisting, which could impact investor confidence and stock liquidity. The company has until March 2026 to address these issues, with regular progress checks by NYSE to ensure adherence to the compliance plan.
This notice serves as a critical juncture for Power REIT, urging the Trust to take immediate steps to secure its position on the NYSE American. The outcome of this process will influence the Trust’s future trading status and its ability to meet financial expectations. The ongoing evaluation will determine the company’s ability to rebound and continue its listing under the Exchange’s rules.
