On August 13, 2020, United Development Funding III, L.P. (“UDF III”), United Development Funding IV (“UDF IV”) and United Development Funding Income Fund V (“UDF V,” and collectively with UDF III and UDF IV, the “Companies”) received notice of the deregistration of the Companies’ securities by the U.S. Securities and Exchange Commission (the “Commission”). Previously, the Companies submitted a plan to the Commission to come into full compliance with all periodic financial reporting requirements.
The Companies strongly disagree with the Commission’s decision to proceed with deregistration without allowing for an evidentiary hearing that would afford the Companies an opportunity to present testimony and exhibits consistent with the Commission’s Rules of Practice.
The Companies are now evaluating courses of action available to them should they wish to protest the Commission’s action, including a motion for reconsideration and / or submitting a petition to the U. S. Court of Appeals.
