Priya Patel
TLDR:
- Finance of America has received a second delisting notice from the NYSE due to not meeting the average closing price requirement of $1 for 30 consecutive days.
- The company plans to regain compliance and remain listed on the NYSE.
Finance of America has received a second delisting notice from the New York Stock Exchange (NYSE) for failing to meet the average closing price requirement of $1 for 30 consecutive days. The notice, received on Feb 12, marks the second time in three months that the company has faced a potential delisting.
The company plans to take action to bring itself into compliance within the six-month cure period. Despite closing above $1 per share on a few occasions, Finance of America has not been able to sustain this price, and on Feb 16, the stock price fell back below to 98 cents per share.
In October 2022, Finance of America restructured its operations and exited forward mortgage lending to focus on niche markets such as reverse mortgages, home improvement lending, and commercial real estate lending. The company has yet to announce when it will release its fourth-quarter earnings, and it remains committed to regaining compliance with the NYSE’s listing standards.
