Ocwen Financial Announces Reverse Stock Split - Seite 2

The Company believes a reverse stock split may facilitate investment in its stock by potentially broadening the range of eligible institutional investors, increasing analyst and broker-dealer interest, and decreasing stock price volatility. The Company also believes that increased interest in the Company and its common stock may lead to an increase in the dollar trading volume and liquidity of its common stock. Additionally, as previously described in the Company’s filings with the Securities and Exchange Commission, the Company was notified on April 8, 2020 by the NYSE that the average trading price per share of its common stock was below the NYSE’s continued listing standard rule relating to minimum average share price, and the Company must regain compliance with the NYSE’s share price standard by December 17, 2020. While Ocwen’s share price is currently above the minimum threshold price, by increasing the market price per share of the Company’s common stock, the reverse stock split may assist the Company in regaining and maintaining compliance with the NYSE’s minimum average share price requirement.

The Company sought advisory approval of a reverse stock split at its 2020 Annual Meeting of Shareholders on May 27, 2020 and the reverse stock split was approved by over 97% of the votes cast on the proposal.

About Ocwen Financial Corporation

Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices in the United States and the U.S. Virgin Islands and operations in India and the Philippines, and have been serving our customers since 1988. For additional information, please visit our website (www.ocwen.com).

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. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. We are in the midst of a period of capital markets volatility and experiencing significant changes within the mortgage lending and servicing ecosystem which have magnified such uncertainties. Readers should bear these factors in mind when considering such statements and should not place undue reliance on such statements.