Advocat fails to meet NYSE listing standards.Advocat, an operator of 53 assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. and 66 skilled nursing facilities, reported that it has fallen below the continued listing standards of the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . The Franklin, Tennessee-based company is in the process of exploring other listing options for its common stock. In other news, Advocat announced that it has delayed the filing of its third quarter Form 10-Q Form 10-Q See 10-Q. pending a review of charges it expects to record for the nine months ending September 30. Advocat expects to report a pretax loss pretax loss A loss reported before tax benefits are considered. of about $11 million to $12 million and is evaluating whether to restate its financial results for the first and second quarters based on the anticipated charges. Advocat also reported that it is not in compliance with certain financial covenants in its loan agreements with its primary bank and other lenders. |
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