September 26, 2016 6:36 PM ET

Mortgage Real Estate Investment Trusts (REITs)

Company Overview of United Development Funding IV

Company Overview

United Development Funding IV operates as a real estate investment trust (REIT) in the United States. It focuses on originating, purchasing, participating, and holding investment secured loans for the acquisition and development of parcels of real property as single-family residential lots; and the construction of model and new single-family homes, including development of mixed-use master planned residential communities. The company also makes direct investments in land for development into single-family lots, new and model homes, and portfolios of finished lots and homes; provides credit enhancements to real estate developers, home builders, land bankers, and other real estate investors; a...

1301 Municipal Way

Suite 100

Grapevine, TX 76051

United States

Founded in 2008

1 Employees

Phone:

214-370-8960

Key Executives for United Development Funding IV

Chairman of the Board of Trustees and Chief Executive Officer
Age: 51
Chief Financial Officer and Treasurer
Age: 46
Chief Operating Officer and Trustee
Age: 50
President UMTH Land Development LP and Partner of UMT Holdings
Age: 34
President of UMT Holdings, Executive Vice President of UMT Services, Partner of UMT Holdings and Director of UMT Services
Age: 53
Compensation as of Fiscal Year 2016.

United Development Funding IV Key Developments

United Development Funding IV(NasdaqGS:UDF) dropped from S&P Global BMI Index

United Development Funding IV(NasdaqGS:UDF) dropped from S&P Global BMI Index

United Development Funding IV(NasdaqGS:UDF) dropped from S&P TMI Index

United Development Funding IV(NasdaqGS:UDF) dropped from S&P TMI Index

United Development Funding IV Receives Written Notice From The Nasdaq Hearings Panel

On September 14, 2016, United Development Funding IV (the “Trust”) received written notice from the Nasdaq Hearings Panel (the “Panel”) that the Panel has granted an extension of the exception previously granted for continued listing of the Trust’s common shares on The Nasdaq Global Select Market. The Trust’s continued listing is subject to the condition that, on or before October 17, 2016, the Trust becomes current in its periodic filings with the U.S. Securities and Exchange Commission (the “SEC”). The Trust must also be able to demonstrate that it satisfies all other quantitative and qualitative requirements for continued listing on The Nasdaq Global Select Market. The Trust received notice on March 17, 2016 from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) stating that because the Trust had not yet filed its Annual Report on Form 10-K for the year ended December 31, 2015 with the SEC, it was not in compliance with the continued listing requirement set forth in Nasdaq Listing Rule 5250(c)(1). In response to such notice, on May 16, 2016, the Trust submitted to Nasdaq a plan to regain compliance with the applicable listing rule. On May 26, 2016, the Trust received a determination letter from the Staff stating that the Staff had determined to deny the Trust’s request for continued listing on Nasdaq due to the Trust’s continued non-compliance with the applicable listing rule. The Trust then timely requested a hearing before the Panel to address the Staff's determination. The hearing was held on July 7, 2016, at which the Trust presented its plan to evidence compliance with all applicable criteria for continued listing on Nasdaq for the Panel’s consideration. On July 26, 2016, the Trust received written notice on July 25, 2016 that the Panel had determined to continue the listing of the Trust’s common shares on Nasdaq subject to the condition that, on or before September 12, 2016, the Trust evidences compliance with Nasdaq Listing Rule 5250(c)(1) by filing all necessary periodic reports with the SEC. On June 8, 2016, the Trust has engaged a new independent registered public accounting firm, and the audit process began immediately. After conversations with the new auditors regarding the expected filing date for the aforementioned periodic reports, the Trust notified the Panel that it would need additional time to file the periodic reports. Therefore, the Trust submitted a written request to the Panel for an extension of the September 12, 2016 filing deadline. As stated above, on September 14, 2016, the Panel granted an extension of the September 12, 2016 deadline to October 17, 2016. In the event the Trust is not able to file the periodic reports by October 17, 2016 or is not able to demonstrate that it satisfies all other quantitative and qualitative requirements for continued listing on Nasdaq, the Panel may issue a final determination to delist the Trust’s securities and suspend trading of the Trust’s securities on Nasdaq. On February 22, 2016, trading in the Trust’s securities on Nasdaq has been halted. Trading in the Trust’s securities will remain halted at least until the Trust has become fully current in its periodic filing obligations with the SEC, and no assurance can be given regarding the resumption of regular trading of the Trust’s securities.

Similar Private Companies By Industry

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Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

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