American Financial Corp. receives second delisting notice from NYSE

for Second time in three monthsAmerican Financial Corp. has received a delisting notice from the New York Stock Exchange, the company disclosed in a press release and U.S. Securities and Exchange Commission filings.

The notice was sent on February 12, two months after the previous letter was sent. In both cases, the NYSE said the company failed to meet the requirement of a rolling 30-day average closing price of $1 to maintain its share price. Checklist.

As in December, the company said it planned to take action to regain compliance.

“American Financial Corporation plans to notify the New York Stock Exchange within ten business days of receipt of the notification that it intends to bring the company into compliance with this listing standard during the six-month remediation period,” the company said in a press release following the announcement. wrote. The market closed on February 16th. “American Financial intends to remain listed on the NYSE and is considering all available options to return to compliance with the NYSE’s continued listing standards.”

On February 15, FOA did close above the $1 mark at $1.02 per share, and the stock has rallied several times since the first letter was sent on December 12. But it failed to do so consistently, and in fact on February 16, the stock price fell back below 98 cents per share.

“If on the last trading day of any calendar month during the treatment period (or the last trading day of the treatment period), the security has a closing price of at least $1.00 and the average closing price has increased by at least $1.00 over the past 30 trading days,” the press release pointed out.

American Financial restructured its operations in October 2022, when it exits forward mortgages Focus on a niche market reverse mortgage, home improvement loan and commercial real estate loans.Its Incenter business was also sold Title insurance business.

The company has not yet announced when it will release fourth-quarter earnings.

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