Item 8.01 Other Events.
InnSuites Hospitality Trust (the "Company" or "IHT") is providing the following
update on the filing of its Interim Report on Form 10-Q for the three-month
period ended October 31, 2020.
As result of the global outbreak of the COVID-19 virus and pursuant to state
order, employees and management are, and have been, practicing social
distancing, working from home, and working flexible hours. The Company has been
impacted by the challenges to its business and the hospitality industry in
general caused by the COVID virus, resulting in a tremendous drain on its
resources. The Company has been working with its audit firm, to provide the
necessary support while also dealing with the additional workload caused by the
COVID-19 virus. In light of these factors, the Company now believes it will be
unable to compile and review certain information necessary for the Company to
timely file its Interim Report on Form 10-Q for the three month period ended
October 31, 2020.
On March 4, 2020 the Securities and Exchange Commission (the "SEC") issued an
Order (Release No. 34-88318) under Section 36 of the Exchange Act granting
exemptions from specified provisions of the Exchange Act and certain rules
thereunder (the "Order"). The Order provides that a registrant subject to the
reporting requirements of Exchange Act Section 13(a) or 15(d), and any person
required to make any filings with respect to such a registrant, is exempt from
any requirement to file or furnish materials with the Commission under Exchange
Act Sections 13(a), 13(f), 13(g), 14(a), 14(c), 14(f), 15(d) and Regulations
13A, Regulation 13D-G (except for those provisions mandating the filing of
Schedule 13D or amendments to Schedule 13D), 14A, 14C and 15D, and Exchange Act
Rules 13f-1, and 14f-1, as applicable, where certain conditions are satisfied.
The Company is relying on this Order and is furnishing this Current Report on
Form 8-K by the original filing deadline of the Interim Report. The Company
currently expects to file its Interim Report on Form 10-Q approximately 45 days
after December 15, 2020. If necessary, the Company will evaluate its need for an
additional extension under Rule 12b-25 at that time, as contemplated by the
Order.
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