NEW YORK, Dec 10 (Reuters) - Bond insurer Ambac Financial Group Inc said on Thursday it was looking at what steps it could take to fix its share price after being put on notice of a possible delisting by the New York Stock Exchange.
The shares fell 4.9 percent, or 4 cents, to 78 cents in trading after the statement.
Ambac, which has written little new business since it lost top credit ratings last year, said it had six months to fix the listing deficiency, which relates to its stock price trading below $1 over a period of time.
Companies listed on the NYSE are required to trade above $1 per share over a consecutive 30 trading-day period. As of Dec. 8, the date of the NYSE notice, the 30 trading-day average closing price of Ambac's stock was 94 cents a share, said the company.
Ambac said it was evaluating potential options to cure the deficiency and that its shares would continue to trade on the exchange.
(Reporting by Lilla Zuill; editing by Andre Grenon) Keywords: AMBAC/NYSE (lilla.zuill@thomsonreuters.com +1 646 223 6281) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The shares fell 4.9 percent, or 4 cents, to 78 cents in trading after the statement.
Ambac, which has written little new business since it lost top credit ratings last year, said it had six months to fix the listing deficiency, which relates to its stock price trading below $1 over a period of time.
Companies listed on the NYSE are required to trade above $1 per share over a consecutive 30 trading-day period. As of Dec. 8, the date of the NYSE notice, the 30 trading-day average closing price of Ambac's stock was 94 cents a share, said the company.
Ambac said it was evaluating potential options to cure the deficiency and that its shares would continue to trade on the exchange.
(Reporting by Lilla Zuill; editing by Andre Grenon) Keywords: AMBAC/NYSE (lilla.zuill@thomsonreuters.com +1 646 223 6281) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.