Parent company of Capital City Mall faces possible delisting from New York Stock Exchange, again

The parent company of the busiest mall in the Harrisburg area has received a warning notice from the New York Stock Exchange.

PREIT (Pennsylvania Real Estate Investment Trust), which owns the Capital City Mall in Lower Allen Township, said it received a formal notice from the New York Stock Exchange on Feb. 4 of non-compliance with the stock exchange’s continued listing standards, which require common stock to maintain a minimum average closing price of $1 per share over a consecutive 30-trading day period.

Under the stock exchange’s rules, PREIT has six months from the date of the NYSE Notice to regain compliance with the minimum share price criteria by bringing its share price and 30-trading day average share price above $1.

In the meantime, unless the New York Stock Exchange determines to take accelerated delisting action, PREIT’s common shares will continue to be listed and traded on the New York Stock Exchange.

“PREIT is considering all available options to regain compliance with the NYSE’s continued listing standards, which may include a reverse stock split,” PREIT said in a news release.

PREIT’s stock closed at 94 cents on Friday. This isn’t the first time the stock has dipped below $1. Its stock to 36 cents in 2020 and PREIT received a warning of possible delisting in September 2020 but had regained compliance by January 2021. PREIT also emerged from Chapter 11 bankruptcy early last year.

Philadelphia-based PREIT owns 19 malls including seven malls in Pennsylvania. And while PREIT’s stock price may be struggling, Capital City Mall was 100 percent leased during the holiday season.

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