Finance of America receives second delisting notice from NYSE

For the second time in three months, Finance of America has received a delisting notice from the New York Stock Exchange, the company disclosed in a press release and a Securities and Exchange Commission filing.

The notice was sent on Feb. 12, two months to the day a prior letter was sent. In both cases, the NYSE stated the company is failing to meet the requirement of having an average closing price of $1 for 30 consecutive days to maintain its listing.

As it did in December, the company stated that it plans to take action to regain compliance.

“Finance of America plans to notify the NYSE within ten business days of its receipt of the Notice that it intends to bring the Company into compliance with this listing standard within the six month cure period,” read the company’s press release, which was posted after the market closed on Feb. 16. “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.”

FOA did close above that $1 mark at $1.02 per share on Feb. 15, as it has on multiple occasions since Dec. 12, when the first letter was sent. But it has not been able to do so on a sustained basis and in fact on Feb. 16, the stock price fell back below to 98 cents per share. 

“Compliance can be achieved if on the last trading day of any calendar month during the cure period (or the last trading day of the cure period), the security has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the prior 30 trading-day period,” the press release pointed out.

Finance of America restructured its operations in October 2022, when it exited forward mortgage lending to concentrate on niche markets in reverse mortgages, home improvement lending and commercial real estate lending. Its Incenter business also sold off operations in title insurance.

The company has yet to announce when it is releasing fourth quarter earnings.