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InnSuites Hospitality gets NYSE MKT noncompliance notice

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InnSuites Hospitality gets NYSE MKT noncompliance notice

The NYSE MKT LLC notified InnSuites Hospitality Trust that the company was not in compliance with section 1003(a)(iii) of the NYSE MKT company guide.

According to the notice, the company reported shareholder equity of less than $6.0 million and incurred net losses from continuing operations in its five most recent fiscal years ended Jan. 31, 2016.

The company has until Feb. 20 to submit a plan on how it will regain compliance with the NYSE MKT's continued listing standards within the maximum available plan period of 18 months, according to a filing.

The compliance plan may include selling at least one of the company's assets, additional shares at market value and minority interest in certain hotel properties. It may also involve expected continuation of the current operational upward trends in hotel gross operating profits.