Fannie Mae slapped with NYSE notification
Tampa Bay Business Journal - by Tierney Plumb Washington Business Journal
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1.
The Washington, D.C.-based mortgage giant (NYSE: FNM) said Wednesday its stock price has fallen below the exchange’s price requirements for too long, according to a regulatory filing.
The average closing price of Fannie Mae’s stock for the 30 consecutive trading days ending Nov. 12 was less than $1 per share.
As a result, the company’s common stock and each of its listed series of preferred stock are subject to suspension and delisting unless the company notifies the NYSE by Nov. 26 of its plans to cure the deficiency.
If it does, it will have six months from Nov. 12 to bring its stock price up to required levels above $1 for 30 consecutive days.
In its first quarterly report since being seized by the government, Fannie Mae reported a record third-quarter loss of $29 billion last week.
Fannie Mae said it is working with its conservator, the Federal Housing Finance Authority, to explore options to up its per-share closing price but has not yet determined its response or any specific action that it will take as a result of the exchange’s notice.
Fannie Mae stock closed up 4 percent at 47 cents a share on Tuesday — about $40 less than the price it was trading at a year ago.
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