What's Going On With Trinity Place Holdings Stock?

Trinity Place Holdings Inc. TPHS shares are racing higher Wednesday. The company reported that its mortgage lender has agreed to extend the mortgage loan forbearance period to Jan. 31.

The Details:

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

Trinity Place Holdings received notice from the NYSE American on Nov. 29 advising the company that it is not in compliance with the NYSE American continued listing standards 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 stated that the company was required to submit a plan of compliance by Dec. 29.

Trinity Place shares are climbing on heavy trading volume following the report of the forbearance period extension. According to data from Benzinga Pro, more than 46 million shares have been traded in the session, compared to the stock's 100-day average volume of less than 84,000 shares.

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TPHS Price Action: According to Benzinga Pro, Trinity Place Holdings shares are up 80% at 20 cents at the time of publication.

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