Plano, Texas, February 16, 2024–(BUSINESS WIRE)–The New York Stock Exchange (the “NYSE”) requires companies whose stock is listed on the NYSE to comply with the NYSE's continuing listing standards. The NYSE's continued listing standards include the requirement set forth in Section 802.01C of the NYSE Listed Company Manual that the average closing price of a security for 30 consecutive business days be at least $1.00. If the average closing price of a security for 30 consecutive business days is less than $1.00, Section 802.01C of the NYSE Public Company Manual provides for a six-month cure period to restore compliance. Compliance is achieved if the security's closing stock price is at least $1.00 and its average closing stock price is at least $100 on the last trading day of any calendar month during the compliance period (or the last trading day of the cure period) . $1.00 for the last 30 business days. Additionally, if a company determines that it will correct its pricing conditions by taking actions that require stockholder approval, as appropriate, it will notify the NYSE of such action and notify the company no later than its next annual meeting. It must be implemented with shareholder approval. Then act quickly. In such circumstances, the price condition will be deemed terminated if the price of the security immediately exceeds $1.00 per share and the price then remains above that level for at least 30 business days.
February 12, 2024 Finance of America Companies Inc. (“Finance of America” or the “Company”) (NYSE: FOA) As of February 9, 2024, the average closing price of our Class A common stock was less than $1.00 for 30 consecutive business days. This notice will not have any immediate effect on the listing of our Class A common stock on the NYSE, subject to the Company's compliance with the NYSE's other continued listing requirements. Additionally, this notice is not expected to have any effect on our continued business operations or reporting requirements with the Securities and Exchange Commission (the “SEC”).
Finance of America intends to notify the New York Stock Exchange within 10 business days of receipt of the notice that it intends to bring the Company into compliance with this listing standard within a six-month amendment period. Finance of America intends to remain listed on the NYSE and is considering all available options to regain compliance with the NYSE's continued listing standards.
Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including with respect to our ability to regain compliance with the NYSE's continued listing standards. Forward-looking statements are not statements of historical fact or current conditions, but instead express management's beliefs only about future events, many of which are inherently uncertain and beyond our control. is out of range. These statements are subject to risks, uncertainties, assumptions and other important factors. Factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements include those contained in the Company's Annual Report on Form 10-K for the year ended December 31st. as described in the section entitled “Risk Factors” included in the. , 2022, filed with the SEC on March 16, 2023. Such factors may be amended and updated from time to time in the Company's subsequent periodic filings with the SEC. These documents can be accessed on the SEC's website at www.sec.gov. Readers are cautioned not to place undue reliance on such forward-looking statements, as actual results may differ materially from those expressed or implied. Finance of America undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. expressly disclaims any liability whatsoever.
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contact address
For Finance of America Media: pr@financeofamerica.com
Finance of America Investor Relations: ir@financeofamerica.com
