Sotherly Hotels Faces Delisting Concerns

Ticker: SOHOB · Form: 8-K · Filed: Aug 23, 2024 · CIK: 1313536

Sotherly Hotels LP 8-K Filing Summary
FieldDetail
CompanySotherly Hotels LP (SOHOB)
Form Type8-K
Filed DateAug 23, 2024
Risk Levelhigh
Pages3
Reading Time4 min
Key Dollar Amounts$0.01
Sentimentbearish

Sentiment: bearish

Topics: delisting, listing-rule, real-estate

Related Tickers: SOHO

TL;DR

SOHO might be getting delisted, watch out.

AI Summary

Sotherly Hotels Inc. and Sotherly Hotels LP have filed an 8-K on August 23, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The filing indicates a potential transfer of listing, though specific details regarding the reasons or the new listing venue are not provided in this excerpt.

Why It Matters

This filing signals potential instability in the company's stock listing, which could impact investor confidence and liquidity.

Risk Assessment

Risk Level: high — Delisting notices are a significant negative event that can severely impact a company's stock value and trading.

Key Players & Entities

FAQ

What specific listing rule has Sotherly Hotels Inc. or Sotherly Hotels LP failed to satisfy?

The provided excerpt of the 8-K filing does not specify which particular listing rule was not satisfied, only that a notice of delisting or failure to satisfy a continued listing rule is being reported.

Is there a specific date mentioned for the delisting or transfer of listing?

The filing date is August 23, 2024, and the date as of change is also August 23, 2024. However, the filing does not specify a future date for the delisting or transfer itself.

What is the business address for Sotherly Hotels Inc. and Sotherly Hotels LP?

Both Sotherly Hotels Inc. and Sotherly Hotels LP share the same business address: 306 South Henry Street, Suite 100, Williamsburg, VA 23185.

Has Sotherly Hotels Inc. undergone any previous name changes?

Yes, Sotherly Hotels Inc. was formerly known as Sotherly Hotel Inc. until April 16, 2013, and prior to that, as MHI Hospitality CORP until August 23, 2004.

What is the SIC code for Sotherly Hotels LP?

The Standard Industrial Classification (SIC) code for Sotherly Hotels LP is 7011, which corresponds to Hotels & Motels.

Filing Stats: 967 words · 4 min read · ~3 pages · Grade level 10.5 · Accepted 2024-08-23 16:00:08

Key Financial Figures

Filing Documents

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

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously disclosed in a Form 12b-25 Notification of Late Filing (the "Form 12b-25") filed on August 12, 2024 by Sotherly Hotels Inc., a Maryland corporation (the "Company"), and Sotherly Hotels LP (the "Partnership"), a Delaware limited partnership of which the Company is the sole general partner (each a "Registrant," and together, the "Registrants"), the Registrants are delayed in filing their Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the "Form 10-Q") with the U.S. Securities and Exchange Commission (the "SEC"). On August 20, 2024, the Company received a notice (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, because the Company is delinquent in filing its Form 10-Q, the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires companies with securities listed on Nasdaq to timely file all required periodic reports with the SEC. The Notice has no immediate effect on the listing of the Company's common stock or preferred stock on the Nasdaq Global Market. Previously, Nasdaq granted the Company an exception until November 18, 2024 to file its delinquent Form 10-Q for the period ended March 31, 2024 (the "Initial Delinquent Filing"). As a result, 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, 2024. In accordance with Nasdaq's listing rules, the Company has until September 4, 2024 to submit to Nasdaq an update to its original plan to regain compliance with Nasdaq's listing rules (the "Updated Plan"). The Company intends to submit the Updated Plan and take the necessary steps to regain compliance with Nasdaq's listing rules as soon as practicable. As previously disclosed, the filing of the Form 10-Q is delayed due to the matters described in the Form 12b-25.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On August 23, 2024, the Company issued a press release disclosing receipt of the Notice. A copy of the press release is attached to the Current Report on Form 8-K as Exhibit 99.1 and incorporated by reference herein. In accordance with General Instructions B.2 and B.6 of Form 8-K, the information included in this Item 7.01 (including Exhibit 99.1 hereto), shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 Press Release of Sotherly Hotels Inc. dated August 23, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized. Date: August 23, 2024 SOTHERLY HOTELS INC. By: /s/ Anthony E. Domalski Anthony E. Domalski Chief Financial Officer SOTHERLY HOTELS LP by its General Partner, SOTHERLY HOTELS INC. By: /s/ Anthony E. Domalski Anthony E. Domalski Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR

View on Read The Filing