ATLANTA--(BUSINESS WIRE)--The management of UC Asset (OTCQX: UCASU) hereby report their finding and solution on a technical issue in regard to the trading of its shares.
On January 02, 2020, UC Asset’s shares started to be quoted on OTCQX, the Best Market operated by OTC Markets Group. Since then, no shares have been traded despite there being both bids and asks of its shares. After rounds of communication, the management of UC Asset have concluded that a technical issue occurred due to miscommunications among agencies and third parties involved in the process of depositing and clearing shares through the system of DTC (Depository Trust Company), which manages book-entry securities entitlement transfers for brokerage houses. Due to this technical issue, no shares of UC Asset can be deposited or cleared through DTC, although its shares had been approved by DTC to be eligible for such transactions.
The company and involved third parties have reached a solution to this technical issue caused by miscommunication. However, the involved third parties will need to reproduce certain documents to complete the entire process. Management of UC Asset anticipate that it will take a few more business days. The situation is being monitored closely and UC Asset will make announcements immediately once its shares are tradable.
“We are sorry for any inconveniences caused to investors and shareholders, but all can be assured the issue will be resolved as quickly and efficiently as possible,” says Larry Wu, UC Asset founder.
About UC Asset LP
UC Asset LP is a limited partnership formed for the purpose of investing in real estate for development and redevelopment, concentrating in metropolitan areas of Atlanta, GA and Dallas, TX. For more information about UC Asset, please visit: www.ucasset.com
