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- Sotherly Hotels (NASDAQ:SOHO) said on Friday that the hotel REIT has received a Nasdaq notice over failure to timely file its quarterly report on Form 10-Q for the quarter ended June 30.
- The non-compliance notice was from the Listing Qualifications Department of The Nasdaq Stock Market.
- The company said the failure arose from an ongoing evaluation, involving presentation of the preferred units on the balance sheet of its operating partnership as permanent equity, rather than as temporary equity (mezzanine), as well as ongoing evaluation of the accounting for other items.
- The company has already been granted an extension to file its delinquent Form 10-Q for the period ended March 31. Any additional Nasdaq exception will be limited to a maximum of 180 calendar days from the due date of the initial delinquent filing, or until November 18.
- SOHO has until September 4 to submit to Nasdaq an update to its original plan to regain compliance with the listing rules.
- The company said it intends to file the Form 10-Q as soon as practicable.
- Source: Press Release
