PLANO, Texas - Finance of America Companies Inc. (NYSE: FOA) has been notified by the New York Stock Exchange (NYSE) that it currently does not meet the exchange's listing standard regarding the minimum average share price. As of February 9, 2024, the average closing price of the company's Class A Common Stock was below the required $1.00 over a consecutive 30 trading-day period.
The notice, received on February 12, 2024, does not immediately affect the listing of the company's Class A Common Stock on the NYSE, provided that Finance of America complies with other continued listing requirements. The company's business operations and SEC reporting requirements are also not expected to be impacted by this notice.
Finance of America has a six-month period to regain compliance with the NYSE's continued listing standards. To cure the price condition, the company's share price must close at $1.00 or higher on the last trading day of any calendar month during the cure period, and it must maintain an average closing share price of at least $1.00 over the preceding 30 trading days. If necessary actions requiring shareholder approval are taken, the company must inform the NYSE, receive the approval at the next annual meeting, and promptly implement the action. Compliance will be considered achieved if the share price promptly exceeds $1.00 and remains above that level for at least 30 subsequent trading days.
The company plans to notify the NYSE within ten business days of the notice that it intends to remedy the situation within the allotted cure period. Finance of America is evaluating all options to regain compliance with the NYSE's listing standards.
This development follows the company's Annual Report on Form 10-K for the year ended December 31, 2022, filed on March 16, 2023. The report includes various risk factors that could potentially affect the company's performance, as detailed in the filings with the SEC.
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