GBE Delisting

Grubb & Ellis Company (GBE) was notified yesterday by the New York Stock Exchange that its shares will be suspended on January 6, 2011 and the NYSE will begin the process of delisting GBE's stock.  Here is the language from the 8-K:

On January 3, 2012, the New York Stock Exchange (the "NYSE") notified Grubb & Ellis Company (the "Company") and issued a press release that NYSE determined that trading on the NYSE of the Company's common stock should be suspended prior to the opening on January 6, 2012, and that it intends to begin the process to delist the Company's common stock. The NYSE notified the Company that it was not in compliance with the NYSE's continued listing standard that requires the Company's average global market capitalization to be at least $15 million over a consecutive 30-trading-day period.


The Company intends to appeal the NYSE's determination. In accordance with the NYSE policies, the NYSE will not take any additional action to pursue delisting of the stock until the appeal has been fully exhausted in accordance with the NYSE procedures.

Effective January 6, 2012, the Company's common stock will trade on the OTCQB Marketplace under the symbol yet to be determined. The transition of the Company's stock to the OTCQB Marketplace will have no effect on the Company's shares and Grubb & Ellis' shareholders remain owners of the common stock and will be able to trade the stock on the OTCQB Marketplace as of January 6, 2012. In addition, the transition to the OTCQB Marketplace does not change the company's obligation to file periodic and other reports with the Securities and Exchange Commission under applicable federal securities laws.

The Company had previously fallen below the NYSE's continued listing standard for average global market capitalization over a consecutive 30 trading day period of less than $50 million and latest reported shareholders' equity of less than $50 million as well as the average closing price of less than $1.00 over a consecutive 30 trading day period. The Company's business plan to address these issues was previously accepted by NYSE Regulation, however the NYSE has decided to that the Company's business plan is not sufficient to also bring the Company into compliance with the continued listing standard of an average global market capitalization of at least $15 million over a consecutive 30-trading-day period. The notice of suspension received from the NYSE does not currently impact the Company's obligations under its outstanding debt or preferred equity securities.