FORT WASHINGTON, Pa.,
July 14, 2017 /PRNewswire/
-- Walter Investment Management Corp. (the "Company") (NYSE:
WAC) announced today that on July 13,
2017 it received written notification (the "Notice") from
the New York Stock Exchange ("NYSE") that the Company was
considered to be below the compliance standards set forth under
Rule 802.01C of the NYSE Listed Company Manual because the average
closing price of the Company's common stock fell below $1.00 over a consecutive 30 trading-day period as
of July 10, 2017.
Upon receipt of the Notice, the Company became subject to the
procedures set forth in Rule 802.01C of the NYSE Listed Company
Manual, and in accordance with such procedures, on or before
July 27, 2017, the Company expects to
acknowledge receipt of the Notice and notify the NYSE of its
intention to seek to cure the deficiency set forth therein.
The Company can regain compliance if, at any time in the
six-month period following receipt of the Notice, the closing price
of its common stock on the last trading day of any month is at
least $1.00 and the 30 trading-day
average closing price of its common stock on such day is also at
least $1.00. If the Company
determines that it intends to cure the stock price deficiency by
taking a corporate action which would require approval by its
stockholders, the six-month cure period described above may be
extended in accordance with Rule 802.01C of the NYSE Listed Company
Manual to allow the Company to obtain the requisite stockholder
approval no later than its next annual meeting. The Company is
considering various options it may take in an effort to cure this
deficiency and regain compliance with Rule 802.01C of the NYSE
Listed Company Manual.
Subject to the Company's compliance with the other continued
listing requirements set forth in the NYSE Listed Company Manual,
during the applicable cure period the Company's common stock is
expected to continue to be listed and traded on the NYSE under the
symbol "WAC," but will have an added designation of ".BC" to
indicate the status of the common stock as below compliance.
Receipt of the Notice by the Company is not a violation of the
terms of, and does not constitute a default or event of default
under, any of the Company's material debt obligations.
About Walter Investment Management Corp.
Walter Investment Management Corp. is an independent servicer
and originator of mortgage loans and servicer of reverse mortgage
loans. Based in Fort Washington,
Pennsylvania, the Company has approximately 4,500 employees
and services a diverse loan portfolio. For more information about
Walter Investment Management Corp., please visit the Company's
website at www.walterinvestment.com. The information on the
Company's website is not a part of this release.
Disclaimer and Cautionary Note Regarding Forward-Looking
Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. Statements that are not historical fact are
forward-looking statements. Certain of these forward-looking
statements can be identified by the use of words such as
"believes," "anticipates," "expects," "intends," "plans,"
"projects," "estimates," "assumes," "may," "should," "will,"
"seeks," "targets," or other similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors, and our actual results,
performance or achievements could differ materially from future
results, performance or achievements expressed in these
forward-looking statements. These forward-looking statements are
based on our current beliefs, intentions and expectations. These
statements are not guarantees or indicative of future performance,
and no assurance can be given that the Company will be able to
regain compliance with the aforementioned listing requirement or
maintain compliance with the other continued listing requirements
set forth in the NYSE Listed Company Manual. If the Company's
common stock ultimately were to be suspended from trading on, and
delisted from, the NYSE for any reason, it could have adverse
consequences including, among others: negatively affecting the
Company's debt restructuring initiative which could lead to
difficulty maintaining business, financing and operational
relationships; lower demand and market price for the Company's
common stock; adverse publicity; and a reduced interest in the
Company from investors, analysts and other market participants. In
addition, a suspension or delisting could impair the Company's
ability to execute on its operational and strategic goals, raise
additional capital and attract and retain employees by means of
equity compensation.
Important assumptions and other important factors that could
cause actual results to differ materially from those implied by the
forward- looking statements in this press release include, but are
not limited to, those factors, risks and uncertainties described
under the caption "Risk Factors" in our Annual Report on Form 10-K
for the year ended December 31, 2016
and in our Quarterly Report on Form 10-Q for the quarterly period
ended March 31, 2017, any amendments
thereto, and in our other filings with the Securities and Exchange
Commission.
In addition, this press release may contain statements of
opinion or belief concerning market conditions and similar matters.
In certain instances, those opinions and beliefs could be based
upon general observations by members of our management, anecdotal
evidence and/or our experience in the conduct of our business,
without specific investigation or statistical analyses. Therefore,
while such statements reflect our view of the industries and
markets in which we are involved, they should not be viewed as
reflecting verifiable views and such views may not be shared by all
who are involved in those industries or markets.
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SOURCE Walter Investment Management Corp.