ALLSTON,
Mass., Nov. 21, 2022 /PRNewswire/ -- New England
Realty Associates Limited Partnership (the "Partnership") today
announced that on November 15, 2022,
it received a notification letter from the Corporate Compliance
Department of the NYSE American Exchange (the "NYSE American")
indicating that as of November 15,
2022, the Partnership is not in compliance with the NYSE
American's standards for continued listing of the Partnership's
Depositary Receipts on the NYSE American as set forth in Section
1007 of the NYSE American Company Guide (the "Company Guide"). The
Company failed to timely file (the "Filing Delinquency") the
Partnership's Form 10-Q for the period ended September 30, 2022. (the "Delayed Report").
The Partnership acknowledges that as of November 15, 2022, it is no longer in compliance
with Section 1007 of the Company Guide. The NYSE American
notification letter has no immediate effect on the listing or
trading of the Partnership's Depositary Receipts on the NYSE
American, nor will it have any effect on the Partnership's
financial condition or results of operations.
Pursuant to the Section 1007 of the Company Guide, NYSE
Regulation staff will review the Company periodically for the
status of the Delayed Report and any other delayed filings. If the
Company does not complete its Delayed Filing and any subsequently
delayed filings with the SEC by the end of the six-month cure
period on May 15, 2023, the NYSE
American, acting in its sole discretion, may extend the cure period
for an additional six months. If the Filing Delinquency and any
subsequent filing delinquencies are not cured by the end of the
cure period, including any extension, Exchange staff will initiate
delisting proceedings as appropriate. The Company may appeal a
staff delisting determination in accordance with Section 1010 and
Part 12 of the Company Guide.
The Filing Delinquency will be cured via the filing of the
Delayed Report. The Company expects to file the Delayed Report
prior to the expiration of the initial six-month cure period.
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SOURCE New England Realty Associates Limited Partnership