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| IHR > SEC Filings for IHR > Form 8-K on 2-Dec-2008 | All Recent SEC Filings |
2-Dec-2008
Notice of Delisting or Failure to Satisfy a Continued Listing Rul
8-K RE: NON-COMPLIANCE WITH NYSE CONTINUED LISTING STANDARDS
Interstate Hotels & Resorts, Inc. (NYSE: IHR) (the "Company") announced that it was notified on November 25, 2008, by NYSE Regulation, Inc. ("NYSE Regulation") that it is not in compliance with the New York Stock Exchange's ("NYSE") continued listing standard related to maintaining a consecutive 30-trading-day average closing price for its common stock of $1.00 per share or above.
On November 21, 2008, the 30-trading-day average closing share price of the Company's common stock was $0.98 per share. Under NYSE rules, the Company has six months from the date of the NYSE Regulation notice to bring its share price and 30-trading-day average closing price above $1.00. If this condition is not met during the six-month cure period, or if the Company fails to meet the other continued listing standards, NYSE Regulation will commence suspension and delisting procedures.
Under the NYSE rules, the Company has ten business days from the date of the NYSE Regulation notice to notify the NYSE of its intent to cure this non-compliance. The Company intends to notify the NYSE within the required ten business day period that it intends to cure the non-compliance. Under the NYSE rules, the Company's common stock will continue to be listed on the NYSE during the six month cure period under the symbol "IHR," but will be assigned a ".BC" indicator by the NYSE to signify that the Company is not currently in compliance with the NYSE's continued listing standards. Although the Company intends to cure its non-compliance and return to full compliance with NYSE continued listing standards, there can be no assurance that it will be able to do so.
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