Ambac Addresses NYSE Listing Standard
06 Juillet 2010 - 11:00PM
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 at least $1.00 per share over a consecutive 30
trading-day period.
Under the NYSE’s rules, Ambac has six months from the date of
the NYSE notice to have a closing share price and 30 trading-day
average share price of at least $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 has notified the NYSE 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 provided 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 under review for
possible upgrade from Moody's Investors Service, Inc. and an R
rating (regulatory intervention) financial strength rating 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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