(Source: Business Wire)
Anthracite Capital, Inc. (NYSE:AHR) (the "Company" or "Anthracite")
announced today that on September 15, 2009 it received a notice from the
New York Stock Exchange (the "NYSE") that the Company was not in
compliance with the NYSE's continued listing standard that requires that
the average closing price of the Company's common stock be no less than
$1.00 per share over a consecutive 30 trading-day period.
The Company intends to bring its average common stock price above $1.00
per share by effecting a reverse stock split, subject to receipt of
stockholder approval. In accordance with NYSE rules, the Company will
notify the NYSE within 10 business days from the receipt of the notice
of its intent to cure the price condition deficiency in this manner.
Under NYSE rules, the Company has six months from the date of the notice
to cure the price condition deficiency unless the Company determines
that it is necessary to take an action that requires stockholder
approval. Since the reverse stock split will require stockholder
approval, the notice from the NYSE requires the Company to obtain
stockholder approval by no later than its next annual meeting of
stockholders. The Company's 2010 Annual Meeting of Stockholders is
scheduled on May 18, 2010. The Company must implement the reverse stock
split promptly thereafter. If the Company has not cured the price
condition deficiency by that date, its common stock will be subject to
suspension and delisting by the NYSE. The price condition deficiency
will be deemed cured if the Company's common stock price then promptly
exceeds $1.00 per share and remains above $1.00 for the following 30
trading days.
The ratio of the reverse stock split will be determined based on the
facts and circumstances at a later date.
The Company's common stock will continue to be listed on the NYSE under
the symbol "AHR" during this interim cure period, but will be assigned a
".BC" indicator by the NYSE to signify that the Company is not currently
in compliance with the NYSE's quantitative continued listing standards.
The Company's continued listing during this interim cure period is also
subject to the Company's compliance with other NYSE requirements and the
NYSE's right to reevaluate continued listing determinations, including
if the Company's common stock trades at levels viewed to be abnormally
low over a sustained period of time.
About Anthracite
Anthracite Capital, Inc. is a specialty finance company focused on
investments in high yield commercial real estate loans and related
securities.
