0001437749-13-005428.txt : 20130507 0001437749-13-005428.hdr.sgml : 20130507 20130507163050 ACCESSION NUMBER: 0001437749-13-005428 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130502 ITEM INFORMATION: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130507 DATE AS OF CHANGE: 20130507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INNSUITES HOSPITALITY TRUST CENTRAL INDEX KEY: 0000082473 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 346647590 STATE OF INCORPORATION: OH FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07062 FILM NUMBER: 13820446 BUSINESS ADDRESS: STREET 1: INNSUITES HOTELS CENTRE STREET 2: 1625 E NORTHERN AVE STE 201 CITY: PHOENIX STATE: AZ ZIP: 85020 BUSINESS PHONE: 2166220046 MAIL ADDRESS: STREET 1: 925 EUCLID AVENUE STREET 2: SUITE 1750 CITY: CLEVELAND STATE: OH ZIP: 44115 FORMER COMPANY: FORMER CONFORMED NAME: REALTY REFUND TRUST DATE OF NAME CHANGE: 19920703 8-K 1 iht20130506_8k.htm FORM 8-K iht20130506_8k.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

 

Date of Report (Date of earliest event reported): May 2, 2013

 

 

 

 

INNSUITES HOSPITALITY TRUST

(Exact Name of Registrant as Specified in Charter)

 

Ohio

 

001-07062 

 

34-6647590

(State or Other Jurisdiction

 

(Commission 

 

(IRS Employer

of Incorporation) File Number) Identification No.)

 

 

InnSuites Hotels Centre, 1625 E. Northern Avenue,

 

 

Suite 105, Phoenix, Arizona

 

85020

(Address of Principal Executive Offices)

 

(Zip Code)

 

 

Registrant’s telephone number, including area code    (602) 944-1500

 

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 
 

  

Item 3.01

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

 

As previously reported, on January 8, 2013, InnSuites Hospitality Trust (the “Trust”) received a letter from the NYSE MKT LLC (f/k/a AMEX) (the “NYSE MKT”) informing the Trust that the Trust was not in compliance with Section 1003(a)(ii) of the NYSE MKT Company Guide due to the Trust having stockholders’ equity of less than $4.0 million and net losses in three of its four most recent fiscal years. The Trust was afforded the opportunity to submit a plan of compliance (the “Plan”) to the NYSE MKT and submitted the Plan on February 5, 2013. On March 21, 2013, the NYSE MKT notified the Trust that it accepted the Plan and granted the Trust an extension until April 30, 2014 to regain compliance with the continued listing standards.

 

On May 2, 2013, the Trust received another letter from the NYSE MKT informing the Trust that the Trust is not in compliance with an additional continued listing standard of the NYSE MKT, Section 1003(a)(iii) of the NYSE MKT Company Guide, due to the Trust having stockholders’ equity of less than $6.0 million and net losses in five consecutive fiscal years as of January 31, 2013.

 

In the previously submitted Plan, the Trust set forth a plan for increasing stockholders’ equity in excess of $6.0 million before its April 30, 2014 deadline and, therefore, is not required to submit an additional plan to regain compliance with the continued listing standards. The Trust will be subject to periodic review by the NYSE MKT’s staff during this extension period. Failure to make progress consistent with the Plan or to regain compliance with all continued listing standards of the NYSE MKT by the end of the extension period could result in the Trust being delisted from the NYSE MKT.

 

A copy of the press release announcing the receipt of a non-compliance letter from the NYSE MKT is attached as Exhibit 99.1 to this Current Report on Form 8-K.

 

Item 9.01

Financial Statements and Exhibits.

 

(d)     Exhibits.

 

99.1

Press Release of InnSuites Hospitality Trust, dated May 7, 2013.

 

 
 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  InnSuites Hospitality Trust  
       
   By: /s/ Adam B. Remis  
    Adam B. Remis  
    Chief Financial Officer  

 

 

 

Date: May 7, 2013

 EX-99 2 iht20130506_8kex99-1.htm EXHIBIT 99.1 iht20130506_8kex99-1.htm

Exhibit 99.1

 


IHT receives NYSE MKT Increase Equity Compliance Notice


PHOENIX, Ariz., May 7, 2013 (GLOBE NEWSWIRE) -- On May 2, 2013, InnSuites Hospitality Trust (the "Trust") received a letter from the NYSE MKT LLC (f/k/a AMEX) (the "NYSE MKT") informing the Trust that the staff of the NYSE MKT's Corporate Compliance Department has determined that the Trust is not in compliance with Section 1003(a)(iii) of the NYSE MKT Company Guide due to the Trust having stockholders' equity of less than $6.0 million and net losses in five consecutive fiscal years as of January 31, 2013.

 

The NYSE MKT's letter provides that an additional plan of compliance is not required. The previous accepted plan submitted by the Trust on Feb. 6, 2013 anticipated and planned an equity increase to $6 million. The Trust 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 Trust's plan.

 

The Trust continues to monitor its stockholders' equity and is reviewing potential actions that can and are being taken to increase its stockholders' equity to maintain compliance with the NYSE MKT's listing standards.


The matters discussed in this news release may include "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements, including the Trust's continued listing on the NYSE MKT, are not guarantees of future performance due to numerous risks and uncertainties and are described in greater detail in our filings with the Securities and Exchange Commission. We can give no assurance that our expectations will be attained.


For more information visit: www.innsuitestrust.com or www.sec.gov.


NEWS BULLETIN

 RE: 

INNSUITES HOSPITALITY TRUST

FROM

INNSUITES HOTEL CENTRE

INNSUITES HOSPITALITY TRUST

1625 E. NORTHERN AVENUE, # 105

NYSE MKT: IHT

Phoenix, Arizona 85020

FISCAL 2014

Phone: 602-944-1500

 

FOR FURTHER INFORMATION:

 

 

 

Marc E. Berg, Executive Vice President

 

602-944-1500 

 

email: mberg@innsuites.com 

 

 

FOR IMMEDIATE RELEASE

 

May [7], 2013