LuxUrban Hotels Inc. Receives Nasdaq Listing Deficiency Notice
26 Agosto 2024 - 5:35PM
LuxUrban Hotels Inc. (NASDAQ: LUXH) today
announced it has received a notice (the “Notice”) from the Nasdaq
Stock Market LLC (“Nasdaq”) on August 20, 2024 indicating that the
Company is not currently in compliance with Nasdaq’s Listing Rules
(“the Listing Rules”) due to the Company’s not timely filing its
Form 10-Q for the period ended June 30, 2024 (the “Form 10-Q”) with
the Securities and Exchange Commission (“SEC”). The Notice does not
immediately affect the listing or trading of the Company’s
securities. According to Listing Rule 5250(c)(1), the Company was
required to file Form 10-Q by August 14, 2024 (the “Due Date”). The
Company previously reported its inability to file Form 10-Q by the
Due Date on a Form 12b-25 that the Company filed with the SEC on
August 14, 2024.
Nasdaq has informed the Company that, under
Nasdaq rules, the Company has 60 calendar days from receipt of the
Notice to submit a plan to regain compliance with the Rule. If
Nasdaq accepts the Company’s plan, then Nasdaq may grant an
exception of up to 180 calendar days from the Due Date, or February
18, 2025, to regain compliance. However, there can be no assurance
that Nasdaq will accept the Company’s plan to regain compliance or
that the Company will be able to regain compliance within any
extension period granted by Nasdaq or maintain compliance with the
other Nasdaq continued listing requirements. If Nasdaq does not
accept the Company’s plan, then the Company will have the
opportunity to appeal that decision to a Nasdaq hearings panel.
The Company is working diligently to complete
the Form 10-Q and anticipates filing the Form 10-Q as soon as
possible.
LuxUrban Hotels Inc.LuxUrban
Hotels Inc. secures long-term operating rights for entire hotels
through Master Lease Agreements (MLA) and rents out, on a
short-term basis, hotel rooms to business and vacation travelers.
The Company is strategically building a portfolio of hotel
properties in destination cities by capitalizing on the dislocation
in commercial real estate markets and the large amount of debt
maturity obligations on those assets coming due with a lack of
available options for owners of those assets. LuxUrban’s MLA allows
owners to hold onto their assets and retain their equity value
while LuxUrban operates and owns the cash flows of the operating
business for the life of the MLA.
Forward Looking
StatementsThis press release contains certain
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 (set forth in Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended). The statements
contained in this release that are not purely historical are
forward-looking statements. Forward-looking statements include, but
are not limited to, statements regarding expectations, hopes,
beliefs, intentions or strategies regarding the future. In
addition, any statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking
statements. Generally, the words “anticipates,” “believes,”
“continues,” “could,” “estimates,” “expects,” “intends,” “may,”
“might,” “plans,” “possible,” “potential,” “predicts,” “projects,”
“should,” “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements in this release may include, for example, statements
with respect to the Company’s ability to successfully de-platform
its properties from its former franchise partner and operate
independently, its ability to improve its working capital and cash
flow profiles, enhance its balance sheet and deliver organic
revenue growth, scheduled property openings, expected closing of
noted lease transactions, the Company’s ability to continue closing
on additional leases for properties in the Company’s pipeline, as
well the Company’s anticipated ability to commercialize efficiently
and profitably the properties it leases and will lease in the
future. The forward-looking statements contained in this release
are based on current expectations and belief concerning future
developments and their potential effect on the Company. There can
be no assurance that future developments will be those that have
been anticipated. These forward-looking statements are subject to a
number of risks, uncertainties (some of which are beyond our
control) or other assumptions that may cause actual results of
performance to be materially different from those expressed or
implied by these forward-looking statements, including those set
forth under the caption “Risk Factors” in our public filings with
the SEC, including in Item 1A of our Annual Report on Form 10-K for
the year ended December 31, 2023 filed with the SEC on April 15,
2024, and any updates to those factors as set forth in subsequent
Quarterly Reports on Form 10-Q or other public filings with the
SEC, the base prospectus comprising part of the Registration
Statement and when filed, the prospectus supplement filed with
respect thereto. The forward-looking information and
forward-looking statements contained in this press
release are made as of the date of this press release,
and the Company does not undertake to update any forward-looking
information and/or forward-looking statements that are contained or
referenced herein, except in accordance with applicable securities
laws.
ContactRobert Arigo(833)
723-7368
LuxUrban Hotels (NASDAQ:LUXH)
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