2009-06-03 23:33:02 -
HFF, Inc. (NYSE:HF) (the Company) today announced that it has been notified by the New York Stock Exchange (NYSE) that the Company has regained compliance with the NYSE’s continued listing standards.
The Company had received a non-compliance notification from the NYSE in March 2009 because the Company had fallen below the listing standard requiring a listed company to maintain stockholders’ equity
of at least $75 million if the company’s average market capitalization over a consecutive 30 trading-day period is less than $75 million. The Company was in the process of seeking approval of a cure plan that was filed with the NYSE on April 23, 2009, which was intended to demonstrate the Company’s ability to achieve compliance with the continued listing standards within the next 18 months.
On June 1, 2009 the NYSE notified the Company that it has received approval from the Securities and Exchange Commission, retroactive to May 12, 2009, to lower the threshold levels regarding average market capitalization and stockholders’ equity from $75 million to $50 million.
Such changes to the threshold levels are effective through October 31, 2009. The NYSE also indicated that it expects a subsequent rule filing prior to this date will make the lower thresholds permanent.
The NYSE notified the Company it now currently satisfies the revised standard and remains compliant with the NYSE’s other continued listing standards. Also, notwithstanding compliance with this revised standard, through June 2, 2009, the Company’s average market capitalization over the preceding consecutive 30 trading-day period was approximately $115 million.
About HFF
Through its subsidiaries, Holliday Fenoglio Fowler, L.P. and HFF Securities L.P., the Company operates out of 17 offices nationwide and is one of the leading providers of commercial real estate and capital markets services, by transaction volume, to the U.S. commercial real estate industry. The Company offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, investment banking and advisory services, loan sales and commercial loan servicing.
Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws.
Statements about our beliefs and expectations and statements containing the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar expressions constitute forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested in forward-looking statements in this press release. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, the Company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.
Factors that could cause results to differ materially include, but are not limited to, the continued listing of the Company’s Class A common stock on the NYSE as well as other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K.
Additional information concerning factors that may influence HFF, Inc.'s financial information is discussed under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures About Market Risk" and "Forward-Looking Statements" in the Company’s most recent Annual Report on Form 10-K, as well as in the Company's press releases and other periodic filings with the Securities and Exchange Commission. Such information and filings are available publicly and may be obtained from the Company's web site at www.hfflp.com :
or upon request from the HFF, Inc. Investor Relations Department at
investorrelations@hfflp.com : mailto:investorrelations@hfflp.com .
HFF, Inc.Chief Executive OfficerJohn H. Pelusi Jr.,
412-281-8714
jpelusi@hfflp.com : mailto:jpelusi@hfflp.com orChief
Financial OfficerGregory R. Conley, 412-281-8714
gconley@hfflp.com : mailto:gconley@hfflp.com orDirector,
Investor RelationsMyra F. Moren, 713-852-3500
mmoren@hfflp.com : mailto:mmoren@hfflp.com
