Campus Crest Provides Notice on Form 10-Q Filing Delay
CHARLOTTE, N.C., Aug. 24, 2015 /PRNewswire/ -- As previously disclosed in its Form 12b-25 filing with the Securities and Exchange Commission ("SEC"), Campus Crest Communities, Inc. (NYSE: CCG) (the "Company"), today confirmed that the Company will be delayed in filing its Quarterly Report on Form 10-Q for the quarter ended June 30, 2015. Campus Crest expects to file its Quarterly Report on Form 10-Q in the near-term and as quickly as practicable. As the Company noted in a Form 8-K filed today, the delay is attributable to the significance and complexity of the recently completed (effective January 30, 2015) Copper Beech Townhome Communities transaction, most notably the need to account for the acquired Copper Beech interests as joint ventures through the closing date and as a combination of joint ventures and wholly-owned interests for the balance of the quarter, and the additional time required to complete the consolidation for the previous quarter. The Company also noted in its Form 8-K that the extensive effort required to complete the Company's Form 10-K for the year ended December 31, 2014 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 disrupted the normal timing for closing the books for the quarter ended June 30, 2015. The Company is in a quiet period until this filing is made with the SEC.
As a result of the filing delay, the New York Stock Exchange (the "NYSE") provided formal notification to the Company on August 18, 2015 that the Company is not currently in compliance with the NYSE's continued listing requirements under the timely filing criteria set forth in Section 802.01E of the NYSE Listed Company Manual. Such notices are routinely issued by the NYSE in situations when there are late filings with the SEC.
Under NYSE rules, the Company has six months from August 17, 2015, subject to ongoing evaluation, to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2015. Until the Company files its Quarterly Report, the Company expects that its common stock, which is listed on the NYSE under the symbol "CCG," will be assigned an "LF" indicator to signify late filing status. The Company can regain compliance with the NYSE listing standards at any time during this six-month period once it files its Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 with the SEC. If the Company fails to file its quarterly report within such six-month period, the NYSE may, in its sole discretion, allow the Company's common stock to trade for up to an additional six months depending on specific circumstances as outlined in the rule. It is expected that the Company would need to submit an official request to the NYSE for the NYSE's consideration at the appropriate time.
Although Campus Crest is working diligently to complete its Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 and currently expects to complete and file the Form 10-Q within six months of its due date, no assurance can be given that the Form 10-Q will be filed within such period, or that the NYSE would allow the Company's securities to trade for up to an additional six months.
About Campus Crest Communities, Inc.
Campus Crest Communities, Inc. is a leading owner and manager of high-quality student housing properties located close to college campuses in targeted markets. It has ownership interests in 82 student housing properties with over 43,000 beds across North America. Additional information can be found on the Company's website at http://www.campuscrest.com.
Forward-Looking Statements
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts" or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company's control, that may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, except as otherwise required by federal securities laws, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the risk factors discussed in the Company's most recent Annual Report on Form 10-K, as updated in the Company's Quarterly Reports on Form 10-Q.
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SOURCE Campus Crest Communities, Inc.
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