The Mortgage Extension

Trinity Place Holdings Inc. TPHS witnessed a significant surge in its stock price as it announced that its mortgage lender has extended the mortgage loan forbearance period to Jan. 31. The move comes after an 8k filing, where the company disclosed that its mortgage lender, Macquarie PF Inc., has agreed to the extension.

NYSE Compliance Concerns

However, the company had received a notice from the NYSE American on Nov. 29, citing non-compliance with the NYSE American continued listing standards due to a stockholders’ deficit and repeated losses. Trinity Place Holdings was required to submit a compliance plan by Dec. 29.

Market Response

Following the news of the forbearance period extension, Trinity Place Holdings shares experienced a remarkable uptick in trading volume. The session saw over 46 million shares change hands, a stark contrast to the stock’s 100-day average volume of less than 84,000 shares.

Current Stock Performance

As of the time of publication, Trinity Place Holdings shares are up by a whopping 80%, trading at 20 cents. This surge underscores the significance of the mortgage loan forbearance extension in driving the market sentiment towards the company.

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