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Shares of Thornburg Mortgage (TMA Quote) dropped in late trading Monday after the lender said it needs more time to file its first-quarter earnings report.
The company also has received a noncompliance letter from the New York Stock Exchange, and will employ a reverse split to meet listing requiements.
The Santa Fe-based lender, known for specializing in mortgages over $400,000 and until recently one of the largest that provided loans on expensive homes, said it is not in compliance with the NYSE's listing criteria because the average closing price of the its common stock has been less than $1 for 30 consecutive trading days. ...
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