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Altisource Asset Management Corp (NASDAQ:AAMC) shares are trading lower by 43.6% to $1.02 Tuesday morning after the company announced its intention to voluntarily delist and deregister its common stock from the NYSE American.
The decision follows a notification from the NYSE American indicating that AAMC was not in compliance with continued listing standards due to low stockholders’ equity and sustained losses over the past five fiscal years.
Although AAMC submitted a plan to address these issues, the company determined that delisting would be more beneficial, primarily due to cost savings and the limited advantages of being a publicly traded company, such as low trading volume and limited liquidity.
By delisting, AAMC aims to reduce the time and expenses associated with SEC reporting requirements, allowing management to focus more on business operations.
The company notified the NYSE American on August 26, and plans to file a Form 25 with the SEC around September 6, with the delisting expected to take effect by September 16.
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According to data from Benzinga Pro, AAMC has a 52-week high of $7.28 and a 52-week low of $1.68.
Posted In: AAMC
