VERO BEACH, Fla., Aug. 7, 2013 (GLOBE NEWSWIRE) -- ARMOUR Residential REIT, Inc. (NYSE: ARR, ARR PrA and ARR PrB) (NYSE MKT: ARR.WS) ("ARMOUR" or the "Company") today announced that, on August 5, 2013, the Company received a letter from the New York Stock Exchange ("NYSE") notifying the Company that it is deficient in meeting Section 303A.01 of the NYSE Listed Company Manual, which requires a majority of independent directors on the board of directors. The Company is deficient in meeting this standard as a result of Jordan Zimmerman's resignation as a director of the Company, effective August 2, 2013. Mr. Zimmerman had no disagreements with the Company on any matter relating to the Company's operations, policies or practices. If the Company is not able to cure this deficiency by August 12, 2013, it will be deemed non-compliant and a below compliance ("BC") indicator will be disseminated as an extension of the Company's trading symbols on August 14, 2013. The Company's common stock and preferred stock are traded on the NYSE.
Also, on August 6, 2013, the NYSE MKT LLC (the "NYSE MKT") issued a warning letter (the "Letter") to the Company notifying the Company that it is not in compliance with certain of the NYSE MKT's continued listing standards as set forth in the NYSE MKT Company Guide (the "Company Guide"). Specifically, as a result of the resignation of one of the Company's independent directors, Mr. Zimmerman, the Company is not in compliance with Section 802(a) of the Company Guide in that a majority of the directors on its board of directors are not independent. The Company's warrants are traded on the NYSE MKT.
According to Section 802(b) of the Company Guide, and as set forth in the Letter, the Company will have until the earlier of its next annual stockholders' meeting or one year from the occurrence of the event that caused the failure to comply with Section 802(a) of the Company Guide to regain compliance.
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