Prospect Acquisition Corp. Announces Receipt of Determination Letter From NYSE Alternext US LLC
13 Février 2009 - 10:23PM
PR Newswire (US)
NAPLES, Fla., Feb. 13 /PRNewswire-FirstCall/ -- Prospect
Acquisition Corp. (NYSE Alternext: PAX) (the "Company") announced
today that, on February 10, 2009, it received a letter from NYSE
Alternext US LLC (the "Exchange") indicating that the staff of the
Exchange's Corporate Compliance Department (the "Staff") has
determined that the Company is not in compliance with Section 704
of the Exchange's Company Guide, one of the Exchange's continuing
listing standards, because the Company failed to hold an annual
meeting of its stockholders during 2008. Pursuant to the Staff
determination letter, in order to maintain its Exchange listing,
the Company must submit a plan of compliance by March 10, 2009 (the
"Plan") advising the Exchange of action it has taken, or will take,
that would bring it into compliance with Section 704 of the Company
Guide by August 11, 2009 (the "Plan Period"). The Company intends
to submit a Plan to the Exchange on or before March 10, 2009 in
which it will state its intention to hold a meeting of its
stockholders on or before August 11, 2009. After submission of the
Plan, management from the Exchange's Corporate Compliance
Department will evaluate the Plan and make a determination as to
whether the Company has made a reasonable demonstration in the Plan
of an ability to regain compliance with the continued listing
standards by August 11, 2009, in which case the Plan will be
accepted. If the Plan is accepted, the Company may be able to
continue its listing during the Plan Period during which time it
will be subject to periodic review to determine whether it is
making progress consistent with the Plan. About the Company
Prospect Acquisition Corp. is a blank check company formed for the
purpose of acquiring, or acquiring control of, through a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination, one or more
businesses or assets, which we refer to as our initial business
combination, in the financial services industry, which includes
investment management firms. All questions and inquiries for
further information should be directed to David A. Minella,
Chairman and CEO of the Company. He can be reached via telephone at
239-254-4481. DATASOURCE: Prospect Acquisition Corp. CONTACT: David
A. Minella, Chairman and CEO, +1-239-254-4481 Web Site:
http://www.prospectac.com/
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