Trinity Place Holdings Inc. TPHS shares are significantly surging on Wednesday after the company reported that its mortgage lender has extended the mortgage loan forbearance period to Jan. 31.

The Extension Details:

In an 8k filed on Tuesday, Trinity Place Holdings announced that its mortgage lender, Macquarie PF Inc., has agreed to extend the mortgage loan forbearance period to Jan. 31.

Compliance Concerns:

Trinity Place Holdings received notice from the NYSE American on Nov. 29, informing the company that it is not in compliance with the NYSE American continued listing standards. This non-compliance is due to the reported stockholders’ deficit as of Sept. 30 and losses from continuing operations and/or net losses in three of its four most recent fiscal years ended Dec. 31, 2022.

The notice required the company to submit a plan of compliance by Dec. 29.

Market Reaction:

Trinity Place shares are rallying on heavy trading volume following the report of the forbearance period extension. According to data from Benzinga Pro, the session witnessed trading of more than 46 million shares, in stark contrast to the stock’s 100-day average volume of less than 84,000 shares.

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TPHS Price Action: Based on Benzinga Pro data, Trinity Place Holdings shares are up a striking 80% at 20 cents at the time of publication.

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