National Commercial Real Estate Brokerage With East Bay Roots Faces NYSE Delisting

Posted by Expert Gadget Reviewer on Tuesday, 18 August 2009

In yet another sign of the current challenging economic environment, Commercial Real Estate brokerage Grubb & Ellis Co. is facing delisting by the NYSE. Grubb & Ellis Co. has deep East Bay roots, but is now based out of Southern California.

Oakland City Center - Legacy of Grubb & Ellis Co-Founder Hal Ellis Jr.

Grubb & Ellis merged with NNN Realty Advisors in December of 2007, and at that time had a reported market capitalization of $725 Million. The reason for the most recent delisting notice is that Grubb's market cap has dropped below $50 Million for 30 consecutive days. This notice follows a similar notice issued in February of 2009, for non-compliance of the NYSE's requirement of a minimum closing price of $1.00 per share (over 30 days). Grubb's share price as of this morning was .62 cents.

The company has until January 23, 2010 to bring their share price into compliance. It should be noted that the company has stated it "intends to cure the deficiencies and to return to compliance with the NYSE continued listing requirements", and that it's its business operations, SEC reporting requirements and credit agreements are unaffected by the notification.