Benzinga | Jun 15, 2021 11:05AM EDT

HMG/Courtland Properties Filing From Late Monday Shows Co. Is Considering Revoking REIT Status Of HMG/Courtland Properties Followed By Adoption Of A Plan Of Liquidation; Shares Up 97% Tuesday

Management is considering revoking (the "Revocation") the real estate investment trust ("REIT") status of HMG/Courtland Properties, Inc. (the "Company"), followed by the adoption of a plan of liquidation (the "Liquidation") of the Company. The purpose of this Revocation and Liquidation is to liquidate the Company's operations/assets in an orderly manner based upon market conditions permitting reasonable exit values for its existing portfolios. Because of the complexities associated with maintaining REIT status during this Liquidation and a two-year REIT liquidation constraint, if ultimately executed, the Company plans to revoke REIT status effective January 1, 2022, and undertake this Liquidation process over a multi-year period.

The information provided in this Item 7.01, shall be deemed "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liability of such section, nor shall it be incorporated by reference in any filing made by the Company pursuant to the Securities Act of 1933, as amended (the Securities Act), or the Exchange Act, regardless of the general incorporation language of such filing, except to the extent that such filing incorporates by reference any or all of such information by express reference thereto.