Trading in JER's common stock will be extended through the close of Tuesday, March 31. NYSE had originally slated March 31 as the day for trading of the stock to be suspended. It has extended it by one day to JER can transition to the over-the-counter market
JER is also withdrawing its proposed public offering of Class A common stock, previously announced on March 3, 2009. It is also discontinuing its regular quarterly dividend, replacing it with an annual dividend that it says will satisfy REIT distribution requirements.
JER had tried to boost its stock price after NYSE's warning earlier this year. In February, for instance, the company completed a one-for-10 reverse stock split, reducing the number of shares outstanding to roughly 5 million, from approximately 49.9 million. JER did not return a call to GlobeSt.com in time for publication.
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