NEW YORK, May 11, 2018 – The New York Stock Exchange LLC (“NYSE”, the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the Common Shares of Beneficial Interest (the “common shares”) of RAIT Financial Trust (the “Company”) -- ticker symbol RAS -- from the NYSE. Trading in the Company’s common shares will be suspended immediately.
The Company has additional securities (the “additional securities”), which will also be removed:
|
Ticker Symbol
|
Issue Description
|
|
RAS PR A
|
RAIT Financial Trust 7.75% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value
|
|
RAS PR B
|
RAIT Financial Trust 8.375% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value
|
|
RAS PR C
|
RAIT Financial Trust 8.875% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value
|
|
RFT
|
RAIT Financial Trust 7.625% Senior Notes Due 2024
|
|
RFTA
|
RAIT Financial Trust 7.125% Senior Notes Due 2019
|
NYSE Regulation has determined that the Company is no longer suitable for listing based on “abnormally low” price levels of its common shares, pursuant to Section 802.01D of the Listed Company Manual.
The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the common shares and additional securities upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
RAIT Financial Trust Contact:
Andres Viroslav
215-207-2100
aviroslav@rait.com