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Stocks To Watch Today News and commentary about the stocks you need to know about today Search Stocks To Watch Today * April 30, 2010, 12:36 PM ET Ambac Off 11% on Stock-Split Discussion By Tiernan Ray Shares of bond insurer Ambac (ABK) are currently off 18 cents, or 11%, at $1.49, having declined sharply since the open, on no obvious news. The company just announced in a proxy filing with the SEC the reasons why it urges shareholders to vote for a reverse stock split at a meeting on June 14: Our common stock currently trades on the NYSE under the symbol “ABK.” The continued listing requirements of the NYSE applicable to us require, among other things, that the average closing price of our common stock be above $1.00 over 30 consecutive trading days. While our common stock currently trades above $1.00, it has traded below $1.00 and may trade, absent the reverse stock split, below $1.00 again in the future. On December 8, 2009, we received a notice from the NYSE that we had fallen below the continued listing standard relating to the price of our common stock for a 30 day consecutive period. On December 10, 2009, we informed the NYSE that we intend to cure such deficiency and bring our ordinary share price back to a level that exceeds $1.00 per share, within approximately six months. If at the end of such cure period we are unable to satisfy the NYSE criteria for continued listing, our common stock will be subject to delisting. The purpose of the Reverse Stock Split is to increase the per share trading value of our common stock. Our Board of Directors intends to effect the proposed Reverse Stock Split only if the implementation of a reverse stock split is determined by the Board of Directors to be in the best interests of Ambac and its stockholders. Our Board of Directors may exercise its discretion not to implement the Reverse Stock Split. http://blogs.barrons.com/stockstowatchtoday/2010/04/30/ambac… |
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| aus der Diskussion: | AMBAC REBOUND- Ratings, Analysen, Charts, News |
| Autor (Datum des Eintrages): | Aktientitan (03.05.10 08:36:48) |
| Beitrag: | 86 von 133 (ID:39442418) |
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