Drive Shack Inc. (the “Company”) (NYSE:DS), a leading owner and operator of golf-related leisure and entertainment businesses, today announced that it received written notification from the New York Stock Exchange (“NYSE”) on October 5, 2022, that it is not in compliance with the NYSE continued listing standard that requires a minimum average closing price of the Company’s common stock of $1.00 per share over a consecutive 30 trading-day period (the “Notice”).
Receipt of the Notice by the Company is not a violation of the terms of, and does not constitute a default or event of default under, any of the Company’s debt or lease agreements. The Notice also has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on the NYSE during the applicable cure period under the symbol “DS,” subject to the Company’s compliance with other continued listing requirements set forth in the NYSE Listed Company Manual, but will have an added designation of “.BC” to indicate the status of the common stock as below compliance with the NYSE continued listing standards. The “.BC” indicator will be removed at such time as the Company is deemed compliant.
Pursuant to NYSE rules, the Company can regain compliance with the minimum share price requirement if, during a six-month cure period following receipt of the Notice, on the last trading-day of any calendar month, the Company’s common stock has a closing share price and a 30 trading-day average closing share price of at least $1.00.
The Company will notify the NYSE on or before October 19, 2022, that it intends to cure the continued listing standard deficiency.
