In a prepared statement, company CEO Doug Collins says the SmallCap listing "probably better reflects our present capitalization." He says the new listing won't change the operations of the company or "alter the liquidity of our shareholders."
Buckhead America was notified last November it had failed to comply with the minimum market value of public float and had 90 days to comply or apply for a transfer to the SmallCap Market. If the company did nothing, it would face delisting from the Nasdaq National Market.
The company owns, leases, franchises and manages hotels, including the Country Hearth Inn limited-service brand. The company reported a loss last year and brought in new management for its hotel management arm, Lodge Keeper Group.
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