Sotherly Hotels Faces Delisting Concerns
Ticker: SOHON · Form: 8-K · Filed: Feb 14, 2025 · CIK: 1301236
| Field | Detail |
|---|---|
| Company | Sotherly Hotels INC. (SOHON) |
| Form Type | 8-K |
| Filed Date | Feb 14, 2025 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01, $1.00 b, $1.00 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-standards, real-estate
Related Tickers: SOHO
TL;DR
SOHO might get delisted, check their listing status.
AI Summary
Sotherly Hotels Inc. (SOHO) filed an 8-K on February 14, 2025, to report a notice of delisting or failure to satisfy a continued listing rule or standard. The filing pertains to the period ending October 31, 2024, and indicates a potential transfer of listing.
Why It Matters
This filing signals potential issues with Sotherly Hotels' continued listing on an exchange, which could impact investor confidence and stock liquidity.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards indicates significant financial or operational distress for the company.
Key Players & Entities
- Sotherly Hotels Inc. (company) — Filer of the 8-K
- SOTHERLY HOTELS LP (company) — Related entity
- MHI Hospitality CORP (company) — Former company name
- MHI HOSPITALITY LP (company) — Former company name
- October 31, 2024 (date) — Reporting period end date
- February 14, 2025 (date) — Filing date
FAQ
What specific listing rule or standard has Sotherly Hotels Inc. failed to satisfy?
The filing does not specify the exact rule or standard, only that it is a 'Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard'.
What is the significance of the 'Transfer of Listing' mentioned in the filing?
It suggests that the company may be moving its listing to a different exchange or market, possibly as a consequence of failing to meet current listing requirements.
What is the reporting period for this 8-K filing?
The conformed period of report is October 31, 2024.
When was this 8-K filing submitted to the SEC?
The filing was submitted on February 14, 2025.
What are the business and mailing addresses for Sotherly Hotels Inc.?
The business and mailing addresses are both listed as 306 SOUTH HENRY STREET, SUITE 100, WILLIAMSBURG, VA 23185.
Filing Stats: 958 words · 4 min read · ~3 pages · Grade level 12.2 · Accepted 2025-02-14 16:00:12
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value SOHO The Nasdaq Stock Mar
- $1.00 b — common stock has been below the minimum $1.00 bid price per share requirement for conti
- $1.00 — of the Company's common stock closes at $1.00 per share or more for a minimum of 10 c
Filing Documents
- soho-20241031.htm (8-K) — 73KB
- 0000950170-25-021124.txt ( ) — 261KB
- soho-20241031.xsd (EX-101.SCH) — 63KB
- soho-20241031_htm.xml (XML) — 12KB
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. On February 11, 2025, Sotherly Hotels Inc. (the "Company") received a deficiency letter (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that, for the last 30 consecutive business days, the closing bid price for the Company's common stock has been below the minimum $1.00 bid price per share requirement for continued listing on The Nasdaq Global Market pursuant to Listing Rule 5450(a)(1) (the "Minimum Bid Price Requirement"). The Notice has no immediate effect on the listing of the Company's common stock, and its common stock will continue to trade on The Nasdaq Global Market under the symbol "SOHO." In accordance with Listing Rule 5810(c)(3)(A), the Company has been given 180 calendar days, or until August 11, 2025, to regain compliance with the Minimum Bid Price Requirement. If at any time before August 11, 2025, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will provide written notification to the Company that it has achieved compliance. If the Company does not regain compliance with the Minimum Bid Price Requirement by August 11, 2025, the Company may be eligible for an additional 180 calendar day period to regain compliance. To qualify, the Company would be required to transfer to The Nasdaq Capital Market and meet the continued listing and all other applicable requirements for initial listing on The Nasdaq Capital Market, except for the minimum bid price requirement. In addition, the Company would be required to notify Nasdaq of its intent to cure the deficiency during the second compliance period. If Nasdaq concludes that the Company will not be able to cure the deficiency, or if the Company does not regain compliance with the minimum bid price requirement within such additional 180 calendar day compliance period, Nasdaq will pr
Forward-Looking Statements
Forward-Looking Statements This Current Report on Form 8-K contains forward-looking statements which can be identified by words such as: "may," "will," "intend," "plan," "continue" and similar references to future periods. All statements, other than statements of historical fact, may be forward-looking statements. They are based on current expectations and projections about future events and are therefore subject to risks and uncertainties, which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Therefore, you should not rely on any of these forward-looking statements. Except as required by law, the Company does not assume any obligation to update the forward-looking information contained in this Current Report on Form 8-K.
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: February 14, 2025 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