Pennsylvania Real Estate Investment Trust (PREIT), the owner of Plymouth Meeting Mall and Willow Grove Mall, faces another challenge as it continues to struggle to get its share price above $1, writes Natalie Kostelni for the Philadelphia Business Journal.

Cygnus Capital, an Atlanta-based owner of PREIT’s outstanding preferred shares, put the Philadelphia-based owner of the Montgomery County (and other counties’) malls on notice on February 18.

It nominated Ryan Levenson and Christopher Swann as new members of the board. Levenson is principal of Privet Fund Management and Swann is president and CEO of Cygnus Capital.

 According to the SEC filing, Cygnus and Swann own an aggregate of 1.64 million of PREIT’s preferred shares.

The move follows PREIT’s inability to pay cash dividends for six quarters on its preferred stock.

However, owners of those shares have the right to elect two additional board trustees at PREIT’s next annual meeting, said Cygnus in a Securities and Exchange Commission filing. The current board has seven members. Joe Coradino, CEO of PREIT, is one of them.

PREIT acknowledged it had received the letter from Cygnus but did not provide additional comments.

Read more about Willow Grove & Plymouth Meeting Malls’ PREIT ongoing investments in the Philadelphia Business Journal.