Trading in ECC Common Stock Suspended

Published March 13, 2007, 3:00 p.m. EDT

1 Min Read

The New York Stock Exchange has informed ECC Capital Corp., a real estate investment trust headquartered in Irvine, Calif., that trading in the company's common stock will be suspended and the exchange will take action to delist it prior to the market's opening on March 15.On March 1, NYSE warned ECC that it had fallen below the exchange's continued listing standard related to minimum share price. NYSE requires firms to have a minimum average closing price of $1 per share during a 30-day period. ECC said it was in contact with NYSE Regulation Inc. (the Big Board's regulatory unit) regarding the noncompliance issue but was unsuccessful in its efforts to avoid suspension and delisting. ECC Capital is considering appealing the latest ruling. When the stock is suspended, ECC Capital expects it to be quoted on the OTC Bulletin Board. ECC sold its mortgage production unit in February and now exists as the holder of a portfolio of mortgage investments.

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