Trinity Place Holdings Inc. TPHS shares are on the rise today. The company announced that its mortgage lender has extended the mortgage loan forbearance period until Jan. 31.
The Situation:
In an 8k filed on Tuesday, Trinity Place Holdings revealed that its mortgage lender, Macquarie PF Inc., has agreed to extend the mortgage loan forbearance period until Jan. 31.
Trinity Place Holdings was informed by the NYSE American on Nov. 29 that it is not in compliance with the continued listing standards due to the reported stockholders’ deficit as of Sept. 30 and losses from continuing operations and/or net losses in three of its four most recent fiscal years ended Dec. 31, 2022.
The company was asked to submit a compliance plan by Dec. 29.
Trinity Place shares have surged on heavy trading volume following the news of the forbearance period extension. More than 46 million shares have been traded in the session, compared to the stock’s 100-day average volume of less than 84,000 shares, according to Benzinga Pro.
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TPHS Price Action: Trinity Place Holdings shares are up 80% at 20 cents at the time of publication, according to Benzinga Pro.
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