Ocwen Financial Responds to Notice of Non-Compliance with NYSE Trading Share Price Continued Listing Standard Rule
Ocwen received written notification from the NYSE on
As previously disclosed, the Company is considering implementing a reverse stock split, which may potentially increase its stock price and therefore could potentially enable the Company to regain compliance with the NYSE’s minimum share price requirement. The Company also intends to reduce the number of its authorized shares of common stock by the same proportion as the ratio chosen for the reverse stock split. The Board of Directors of the Company (the “Board”) presently intends to request shareholder approval of a reverse stock split, on an advisory basis, at the Company’s Annual Meeting of Shareholders, currently scheduled for
During the cure period, Ocwen’s common stock will continue to be listed and trade on the NYSE. The Company is in compliance with all other NYSE continued listing standard rules.
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, and include statements regarding the Company’s intention to implement a reverse stock split, the anticipated impact of such reverse stock split, and the Board’s intention to request shareholder approval of a reverse stock split, on an advisory basis, at the Company’s Annual Meeting of Shareholders.
Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward looking statements and this may happen again. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the size and timing of a potential reverse split of the Company’s common stock and whether shareholders will approve such a split; the Company’s ability to maintain compliance with the continued listing standards of the NYSE; the uncertainty regarding whether a reverse stock split will increase the Company’s stock price; as well as other risks and uncertainties detailed in Ocwen’s reports and filings with the
FOR FURTHER INFORMATION CONTACT:
|T: (856) 917-3190||T: (856) 917-0066|
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Source: Ocwen Financial Corp.