Regional Health Properties, Inc. Announces Receipt of NYSE American Notice of Delisting and Intention to Appeal

ATLANTA, GA, Nov. 11, 2024 (GLOBE NEWSWIRE) -- Regional Health Properties, Inc. (the “Company,” “we” or “our”) (NYSE American: RHE) (NYSE American: RHE-PA), a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term care, announced today that, on November 11, 2024, NYSE American LLC (“NYSE American” or the “Exchange”) publicly announced and provided a notice (the “Staff Determination”) to the Company that NYSE Regulation has determined to commence proceedings to delist the Company’s common stock, no par value (the “Common Stock”), and the Company’s Series A Redeemable Preferred Shares, no par value (the “Series A Preferred Shares” and, together with the Common Stock, the “Securities”), from NYSE American. The NYSE Regulation has determined that the Company is no longer suitable for listing pursuant to Section 1009(a) of the NYSE American Company Guide (the “Company Guide”) as the Company was unable to demonstrate that it had regained compliance with Sections 1003(a)(i) and (ii) of the Company Guide by the end of the maximum 18-month compliance plan period, which expired on November 10, 2024.

The Company has a right to a review of the NYSE Regulation determination to delist the Securities by the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the Exchange (the “Panel”). The Company’s request for such a review must be made by November 18, 2024. The Company intends to appeal such determination. The Company expects the Securities to continue to trade on NYSE American during the appeal process.

Following such appeal, a decision by the Panel will be made and announced by NYSE American regarding either proceeding with suspension and delisting or continued trading in the Securities. The filing of an application with the Securities and Exchange Commission (“SEC”) to delist the Securities is pending completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation’s decision. The Company is working diligently to regain compliance with Sections 1003(a)(i) and (ii) of the Company Guide. However, there can be no assurance that the Company will regain compliance with Sections 1003(a)(i) and (ii) of the Company Guide before any hearing occurs.