Medley Management Inc. announced that it received a notice from the New York Stock Exchange (the “NYSE”) indicating that MDLY is not in compliance with Section 802.01E of the NYSE Listed Company Manual as a result of its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (the “Form 10-Q”) with the Securities and Exchange Commission (the “SEC”). The notice has no immediate effect on the listing of MDLY’s Class A Common Stock on the NYSE.
The NYSE informed MDLY that, under the NYSE’s rules, MDLY can regain compliance with Section 802.01E of the NYSE listing requirements by filing the Form 10-Q with the SEC at any time prior to November 24, 2021. If MDLY fails to file the Form 10-Q by that date, the NYSE may grant, in its sole discretion, a further extension of up to six additional months for MDLY to regain compliance, depending on the specific circumstances. The NYSE notice indicates that NYSE may commence delisting proceedings at any time during the period that is available to complete the filing, if circumstances warrant.
As MDLY reported in its Form 12b-25 filed with the SEC on May 17, 2021, the Form 10-Q was delayed because of the complexity of the accounting treatment related to the deconsolidation of MDLY’s heretofore consolidated subsidiary Medley LLC from MDLY’s financial statements as of the petition date of Medley LLC’s Chapter 11 case (the “Medley LLC Chapter 11 Case”), the significant work required to effect the deconsolidation and other significant demands associated with the Medley LLC Chapter 11 Case.
Although MDLY plans to file the Form 10-Q as soon as possible after completion and finalization of Form 10-Q financial statements and disclosures and completion of review processes, MDLY is unable to predict a specific filing date at this time. The Company continues to work diligently to complete and finalize the 10-Q and intends to file the Form 10-Q as soon as practicable.
Medley is an alternative asset management firm offering yield solutions to retail and institutional investors. Medley has $1.9 billion of assets under management in one business development company, Sierra Income Corporation, and several private investment vehicles. Over the past 19 years, Medley has provided capital to over 450 companies across 35 industries in North America. (1)
Medley LLC is the operating company of Medley Management Inc.
Medley Management Inc.