Ambac Addresses NYSE Listing Standard
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.
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).
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