LuxUrban Hotels Inc., a real estate company specializing in hotel properties with a market capitalization of just $1.58 million, is set to be delisted from The Nasdaq Stock Market LLC ("Nasdaq") following a notification of non-compliance with several listing rules.
On Wednesday, the company received a determination from the Nasdaq Hearings Panel to delist its securities due to infractions of Listing Rules 5250(c)(1), 5550(a)(2), and 5555(a). According to InvestingPro data, the company's overall financial health score stands at a concerning 0.61, labeled as "Weak."
Trading of LuxUrban Hotels' common stock, under the ticker symbol "LUXH", and 13.00% Series A Cumulative Redeemable Preferred Stock, under the ticker "LUXHP", will be suspended from Nasdaq starting Friday, January 17, 2025. The stock has experienced a dramatic decline, losing 99.81% of its value over the past year.
The company has a 15-day window from the receipt of the notice to request a review by the Nasdaq Listing and Hearing Review Council. Alternatively, the Council may opt to review the decision independently within 45 days from the notification date.
Post-suspension, LuxUrban Hotels anticipates that its common and preferred stock will be quoted on the OTC Pink Market, maintaining the same symbols. Additionally, the company plans to seek listing on an alternative, higher-tier OTC market, such as the OTCQB, to facilitate continued trading of its shares.
InvestingPro analysis reveals the company faces significant challenges, including a substantial debt burden and rapid cash burn rate. Subscribers can access 20 additional ProTips and comprehensive financial metrics for deeper analysis.
This development follows LuxUrban Hotels' previous identity as Corphousing Group Inc. before its name change on November 10, 2021. The company, headquartered in Miami, Florida, is recognized under the real estate category with the Standard Industrial Classification code 6500.
The information is based on a press release statement filed with the United States Securities and Exchange Commission on January 15, 2025, by LuxUrban Hotels Inc.'s Chief Financial Officer, Michael James. The company's business address is 2125 Biscayne Blvd, Suite 253, Miami, Florida, 33137, with a business phone number of 833-723-7368. LuxUrban is incorporated in Delaware and operates under the IRS Employer Identification No. 82-3334945.
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