Finance of America receives listing notice from NYSE

Finance of America received a notice from the New York Stock Exchange warning its stock price has been trading below a threshold considered necessary for listing.

The NYSE generally requires listed companies to have an average closing price for their stock of at least $1 per share over two adjacent 30-day trading periods, and gives companies six months to cure if the price falls below that level.

The company, the largest reverse mortgage lender in the market, has 10 business days within receipt of the Dec. 12 notice to inform the exchange it plans to use the six-month period to share up its stock price. The company plans to do this, according to a press release published Dec. 15.

"Finance of America intends to remain listed on the NYSE and is considering all available options to regional compliance," the company said in the release, adding the notice "is not anticipated to impact the ongoing business operations of the company."

While FOA's share price has been below $1 at times, it also has gone through periods where it has exceeded that threshold and was generally trading higher in line with that trend at deadline.

Other mortgage-related companies receiving listing notices recently include Altisource Asset Management Corp., which said it plans to appeal the exchange's finding that it did not regain compliance during a period it had to demonstrate it. That period ended Nov. 30.

Altisource Asset Management Corp's stock was trading just below $5 per share at the time of this writing and trending lower.