Ambac Financial Group, Inc. (Ambac or the Company) today announced that shares of the company's common stock and the shares of its equity units that previously were listed and traded on the New York Stock Exchange (“NYSE”) began trading exclusively on the over-the-counter (“OTC”) market yesterday, November 9, 2010.
As a result of the Company’s prior announcement on November 8, 2010 that it had filed for a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code, NYSE Regulation, Inc. (“NYSE Regulation”) announced immediate suspension of trading on the NYSE of the common stock and certain other securities of the Company. NYSE Regulation determined that the Company is no longer suitable for listing in light of the bankruptcy filing, which is a sufficient ground for the commencement of delisting procedures. In its announcement regarding the suspension, NYSE Regulation noted the uncertainty as to the timing and outcome of the bankruptcy process as well as the ultimate effect of this process on the Company’s equity holders.
The Company does not intend to take any action to appeal the NYSE’s decision and, therefore, it is expected that the suspended NYSE securities will be delisted after completion by the NYSE of application to the Securities and Exchange Commission.
The suspended NYSE securities include:
- Common Stock, $0.01 per share (NYSE ticker symbol: ABK);
- 5.875% Debentures, due March 24, 2103 (NYSE ticker symbol: AKT);
- 5.95% Debentures, due February 28, 2103 (NYSE ticker symbol: AKF); and
- 9.50% Equity Units, due February 15, 2021 (NYSE ticker symbol: ABK PRZ).