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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