New York – (business wire)–Nam Tai Property Inc. (OTC Expert Market: NTPIF) (“Nam Tai” or “we”) today provided the following corporate update.
- Landlord notice – Our Chinese subsidiary faces ongoing litigation and potential enforcement actions arising from allegations that the subsidiary has failed to settle outstanding payments under related construction contracts. One of Nam Tai’s lending banks said that accelerated terms had been triggered on loans of about US$81 million drawn by some of its Chinese subsidiaries during the tenure of former executives Wang Jiabiao and Zhang Yu. We have notified you. -A permanent affiliate of Kaisa. Nam Tai’s bank account currently only has enough funds to support interest payments on the loan for the next three months. Banks continue to express concerns about the continued impediment to the lawful transfer of onshore control to us. We are working with banks to meet the concerns of institutions without depleting all currently available cash and liquidity. In addition, our representatives learned that Mr. Wang recently received a dunning letter from another bank requesting additional guarantees on loans of approximately $140 million to certain of our Chinese subsidiaries. I was.
- delisting; commencement of delisting procedures – On November 17, 2022, the New York Stock Exchange (“NYSE”) announced that the staff of NYSE Regulation decided to initiate the delisting of the Company’s common stock from the NYSE. Trading in our common stock has been halted since May 23, 2022 and is currently halted. NYSE regulations stated that because we have not filed with the Securities and Exchange Commission (“SEC”), we have decided to initiate delisting proceedings with respect to our common stock pursuant to Section 802.01E of the NYSE Listed Company Manual. rice field. Annual Report on Form 20-F for the year ended December 31, 2021 (“2021 Form 20-F”). We cannot file a 2021 Form 20-F until we have access to the books and records of certain of our subsidiaries incorporated in China and own the corporate chops. Restructured board and new management team. The Company reserves the right to have this decision reconsidered by a committee of the Board of Directors of the New York Stock Exchange. The NYSE said it will apply to the SEC to delist its common stock upon completion of all applicable procedures, including the Company’s appeal of the NYSE Regulation staff’s decision. After the trading suspension, we understand that our common stock will be eligible to trade on the OTC Expert Market under the symbol “NTPIF”.
Additional information regarding the development and other corporate matters announced today can be found in Nam Tai’s Form 6-K filed with the SEC.
Certain statements, other than statements of historical fact, contained in this announcement are forward-looking statements. Forward-looking statements generally use words such as “could,” “could,” “could,” “could,” “would,” “would,” “anticipate,” and ” believe,” “continue,” “estimate,” “expect,” “predict,” “intend,” “plan,” “seek,” or “timetable.” These forward-looking statements are subject to risks, uncertainties and assumptions and are based on our growth strategy and expected trends in our business and the industries in which we operate. may include projections of future financial performance of Such forward-looking statements include, among other things, statements regarding the expected impact of lender notices, our plans and expectations with respect to litigation and regulatory actions, including in the course of obtaining control of our onshore, acquisition includes statements about the ability to Onshore management and ability to achieve lasting value for stakeholders. These statements are only projections based on current expectations of future events. There are several factors, including the future actions of Mr. Wang and Mr. Zhang and our success with respect to litigation and regulatory action, many of which could cause our results to differ materially from our expectations. , other obstacles to obtaining onshore control, the timing of obtaining onshore control, access to bank accounts, other sources of liquidity, and general market conditions in the real estate sector. Any of these factors, alone or in conjunction with one or more other factors, could adversely affect our business, results of operations or financial condition. There may also be other factors not currently known to us or explained by us that could cause our results to differ from our expectations. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Forward-looking statements should not be relied upon as predictions of future events. These forward-looking statements apply only as of the date of this announcement. As such, it should not be overly relied upon when circumstances change. Except as required by law, we reserve the right to revise these forward-looking statements, which may reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events. There is no and no obligation to publicly announce any material revisions. event.
About Nam Thai property
Nam Tai Property Inc., a company incorporated in the British Virgin Islands (“BVI”) and governed by BVI law, owns certain subsidiaries that own and operate commercial real estate projects throughout China. These subsidiaries currently manage his two industrial park projects in Guangming, Shenzhen and Bao’an, Shenzhen. For more information on the asset portfolio held by the Company and certain subsidiaries, please email the IR team or visit Weibo: https://weibo.com/u/7755634761.