regulatory
confidence high
sentiment neutral
materiality 0.60
Power REIT resolves NYSE American listing deficiency; restates preferred shares as equity boosting total equity to ~$10M
Power REIT
- NYSE American rescinded Sept 3 deficiency letter after Power REIT restated preferred shares from mezzanine equity to equity.
- Restated total equity ~$10M as of June 30, 2024, above the $2M threshold for continued listing.
- Accounting change is non-cash; does not affect revenue, net income, EPS, or FFO.
- Form 10-Q/A filed Sept 24, 2024 with restated balance sheet; deficiency resolved Sept 25, 2024.