Ambac Addresses NYSE Listing Standard
09 Décembre 2009 - 10:53PM
Business Wire
Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) announced
today that the New York Stock Exchange (NYSE) has notified the
company that it has fallen below the NYSE’s continued listing
standard relating to the price of its common stock. The NYSE
requires that the average closing price of a listed company’s
common stock be above $1.00 per share over a consecutive 30
trading-day period. As of December 8, 2009, the date of the NYSE
notice, the 30 trading-day average closing price of Ambac’s common
stock was $0.94 per share.
Under the NYSE’s rules, Ambac has six months from the date of
the NYSE notice to bring its share price and 30 trading-day average
share price back above $1.00 in order to avoid the delisting of its
shares. During this period, Ambac’s common stock will continue to
be traded on the NYSE, subject to Ambac’s compliance with other
NYSE continued listing requirements. As required by the NYSE, in
order to maintain the listing of its common shares, Ambac will
notify the NYSE within 10 business days of receipt of the
non-compliance notice of its intent to cure the price
deficiency.
About Ambac
Ambac Financial Group, Inc., headquartered in New York City, is
a holding company whose affiliates provide financial guarantees and
financial services to clients in both the public and private
sectors around the world. Ambac's principal operating subsidiary,
Ambac Assurance Corporation, a guarantor of public finance and
structured finance obligations, has a Caa2 rating (developing
outlook) from Moody's Investors Service, Inc. and a CC rating
(outlook developing) from Standard & Poor's Ratings Services.
Ambac Financial Group, Inc. common stock is listed on the New York
Stock Exchange (ticker symbol ABK).
AMBAC (NYSE:ABK)
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