Finance of America receives second delisting notice from NYSE

for 2nd time in 3 monthsFinance of America received a delisting notice from the New York Stock Exchange, the company disclosed in a press release and filing with the Securities and Exchange Commission.

This notice was sent on February 12, two months after the previous letter was sent. In both cases, the New York Stock Exchange said the company did not meet the requirement of an average closing price of $1 over 30 consecutive days to remain listed.

The company said it would take steps to restore compliance, as it did in December.

“Finance of America intends to notify the New York Stock Exchange within 10 business days of receipt of the notice that it intends to bring the company into compliance with this listing standard within a six-month amendment period.” said the company's press release. The market closed on February 16th. “Finance of America intends to remain listed on the NYSE and is considering all available options to regain compliance with the NYSE's continued listing standards.”

FOA closed above that $1 mark on February 15th at $1.02 per share, as it had many times since the first letter was sent on December 12th. However, it was unable to achieve that goal sustainably, and in fact, on February 16th, the stock price fell below 98 cents per share.

“On the last trading day of the calendar month during the adjustment period (or on the last trading day of the adjustment period), the security has a closing stock price of at least $1.00 and an average closing stock price of at least $1.00 over the past 30 business days,” the press release notes. did.

Finance of America restructured its operations in October 2022. Terminated futures mortgage lending concentrate on a niche market of reverse mortgage, home improvement loans and commercial real estate financing.The in-center business was also sold. Operation of title insurance.

The company has not yet announced when it will release its fourth quarter financial results.