HOUSTON—American Spectrum Realty, Inc. plans to take compliance steps with regards to its listing on the New York Stock Exchange.
The Houston-based real estate investment company that owns interests in office, industrial, retail,and other properties throughout the United States, will, by April 30 file a plan of compliance that will allow it to regain compliance by July 15.
The submission of the plan is in response to a letter received on April 16 from the Exchange advising the company that it is not in compliance with the continued listing standards of the Exchange. On March 31, the American Spectrum filed a Form 12b-25 with the Securities and Exchange Commission disclosing that it was unable to file with the SEC its annual report on Form 10-K for the year ended December 31, 2013, and that it expected to file its annual report as soon as practicable.
In the filings, the company disclosed that, as a result of the departure of the its chief financial officer, American Spectrum is working with its accountants and consultants and reviewing its financial records to resolve a purchase price allocation issue. It plans to “file the 2013 10-K as soon as practicable.”