The New York Stock Exchange has informed Atlanta-based Roberts Realty Investors Inc. that it is no longer in compliance with NYSE listing rules and could be delisted for not filing a quarterly financial report.
The announcement from the company comes days after Roberts Realty announced a $12 million investment that would give the common stock purchaser a 46 percent stake in the real estate investment trust.
Quarterly financial reports detail any profit or loss, revenue and other financial information used by investors and others in assessing a publicly traded company’s financial health.
Roberts Realty, which invests mainly in multifamily residential properties, has failed to file with the regulatory Securities and Exchange Commission a regular quarterly financial report, a 10-Q, for the period ended Sept. 30, the company said Monday. As a result, Roberts Realty is also in violation of NYSE’s rules.
Roberts Realty said it expects to file the report by Feb. 18, the deadline the NYSE has given for the company to return to compliance. The company has until Dec. 5 to submit a plan of action.
Last week Roberts Realty said A-III Investment Partners LLC, a joint venture between affiliates of Avenue Capital Group and C-III Capital Partners LLC, had agreed to purchase $12 million of the company’s common stock. Roberts Realty will also issue to A-III warrants to purchase up to an additional $38 million of the company’s common stock.
Roberts Realty will hold a special shareholders meeting in mid-February so shareholders can vote on the deal.
On Monday, the company’s stock closed unchanged at $1.10.
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