NYSE May Delist ECC Cap

ECC Capital Corp., the Irvine, Calif.-based real estate investment trust that sold its production operations to Bear Stearns, has been notified by the New York Stock Exchange that it has fallen below the exchange's continued listing standard related to minimum share price.The NYSE requires firms to have a minimum average closing price of $1 per share during a 30-day period. According to Yahoo! Finance, the last time ECC shares closed above $1 was on Jan. 29. The next day the company issued a $0.24 dividend. The last time ECC even traded at $1 was on Feb. 7. The sale of Encore Credit Corp. closed on Feb. 9, with ECC keeping a mortgage investment portfolio. Since that day shares have drifted further downward, closing at $0.75 on March 5. ECC has 10 business days to submit a plan to the NYSE showing how it intends to regain compliance and meet the standards within six months. ECC said it intends to continue to communicate with NYSE regarding compliance.