Tillkännagivande • Sep 19
Altisource Asset Management Corporation Files Form 15 Altisource Asset Management Corporation has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Common stock under the Securities Exchange Act of 1934, as amended. The par value of the company's Common stock was $0.01 per share. Tillkännagivande • Aug 27
Altisource Asset Management Announces Intention to Voluntarily Delist and Deregister its Common Stock Altisource Asset Management Corporation (the ‘Company’) announced its intention to voluntarily delist from the NYSE American LLC (‘NYSE American’) and to deregister its common stock, $0.01 par value per share (the ‘Common Stock’) under Section 12(b) and Section 12(g) of the Securities Exchange Act of 1934, as amended (the ‘Exchange Act’) and suspend its reporting obligations under Section 15(d) of the Exchange Act. As previously disclosed, the Company received a notification letter from the NYSE American advising that the Company is not in compliance with the NYSE American continued listing standards set in Sections 1003(a)(ii) and (iii) of the NYSE American Company Guide given the reported stockholders’ equity as of March 31, 2024, and losses from continuing operations and/or net losses in the Company’s five most recent fiscal years ended December 31, 2023. In response, the Company submitted a plan of compliance. However, there can be no assurance that such plan of compliance will be successful or that the Company would be able to maintain its listing in the future. Subsequent to submitting the compliance plan, the Company evaluated its option to voluntarily delist and deregister its Common Stock and determined that delisting and deregistering is the best path for the Company due to expected cost savings and the Company’s current inability to realize the traditional benefits of public company status. The low trading value, and the resulting low trading volume, limit the company’s securities’ liquidity and affects the Company’s ability to raise capital from the public markets, effectively use its securities as transaction consideration, attract interest from institutional investors or market analysts or otherwise realize the traditional benefits of being a publicly traded company. Despite the lack of these benefits, the Company incurs all of the significant annual expenses and indirect costs associated with being a public company. The Company believes the reduction in time spent by its management and employees complying with the requirements applicable to SEC reporting companies will enable them to focus more on managing the Company’s businesses. On August 26, 2024, the Company notified the NYSE American of its intention to voluntarily delist its Common Stock. The Company intends to file with the Securities and Exchange Commission (the ‘SEC’) a Form 25 on or about September 6, 2024 to effect the delisting from the NYSE American and the deregistration of the Company’s Common Stock under Section 12(b) of the Exchange Act. As a result, the Company expects that listing and trading of its Common Stock on the NYSE American will end at market close on or about September 16, 2024. Following the effectiveness of the Form 25, and after the Company has made all necessary SEC filings and is otherwise able to do so, the Company intends to file with the SEC a Form 15 to deregister the Company’s common stock under Section 12(g) of the Exchange Act and suspend its reporting obligations under Section 15(d) of the Exchange Act. As a result of the filing of the Form 15, the Company’s obligation to file certain Exchange Act reports and forms with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, will be suspended. Other filing requirements will terminate upon the effectiveness of the deregistration. The Company expects that the deregistration of its Common Stock will become effective no later than 90 days after the filing of the Form 15 with the SEC. Tillkännagivande • Jun 08
Altisource Asset Management Reports Receipt of Non-Compliance Communications from the NYSE American LLC On May 31, 2024, Altisource Asset Management Corporation (the ‘Company’) received a notification letter (the ‘Notice’) from the NYSE American LLC (the ‘NYSE American’) indicating that the Company is not in compliance with the NYSE American continued listing standards set forth in Sections 1003(a)(ii) and (iii) of the NYSE American Company Guide. Section 1003(a)(ii) of the NYSE American Company Guide requires a listed company’s stockholders’ equity be at least $4.0 million if it has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years. Section 1003(a)(iii) of the NYSE American Company Guide requires a listed company’s stockholders’ equity be at least $6.0 million if it has reported losses from continuing operations and/or net losses in its five most recent fiscal years. The Notice noted that the Company reported stockholders’ equity of $3.3 million as of March 31, 2024, and losses from continuing operations and/or net losses in its five most recent fiscal years ended December 31, 2023. The Notice also noted that the Company is not currently eligible for any exemption set forth in Section 1003(a) of the NYSE American Company Guide. In order to maintain the Company’s listing on the NYSE American, the NYSE American has requested that the Company submit a plan of compliance (the ‘Plan’) by June 30, 2024, addressing how the Company intends to regain compliance with Sections 1003(a)(ii) and (iii) of the NYSE American Company Guide by December 1, 2024. The Company’s management has begun its analysis regarding submission of the Plan to the NYSE American by the June 30, 2024 deadline. If the NYSE American accepts the Company’s Plan, the Company will be able to continue its listing during the Plan period and will be subject to continued periodic review by the NYSE American staff. If the Plan is not submitted, or not accepted, or is accepted but the Company does not make progress consistent with the Plan during the Plan period, the Company will be subject to delisting procedures as set forth in the NYSE American Company Guide. The Company is committed to considering available options to regain compliance with the NYSE American’s stockholders’ equity requirements. There can be no assurance that the Company will be able to achieve compliance with the NYSE American’s continued listing standards within the required time frame. The notice has no immediate impact on the listing of the Company’s shares of common stock, which will continue to be listed and traded on the NYSE American during this period, subject to the Company’s compliance with the other listing requirements of the NYSE American. The common stock will continue to trade under the symbol ‘AAMC,’ but will have an added designation of ‘.BC’ to indicate the status of the common stock as ‘below compliance.’ The notice does not affect the Company's ongoing business operations or its reporting requirements with the Securities and Exchange Commission. If the Company’s common stock ultimately were to be delisted for any reason, it could negatively impact the Company by (i) reducing the liquidity and market price of the Company’s common stock; (ii) reducing the number of investors willing to hold or acquire the common stock, which could negatively impact the Company’s ability to raise equity financing; and (iii) limiting the Company’s ability to use a registration statement to offer and sell freely tradable securities, thereby preventing the Company from accessing the public capital markets; and (iv) impairing the Company’s ability to provide equity incentives to its employees. Tillkännagivande • Jan 16
Altisource Asset Management Corporation Receives Delisting Notice from NYSE On November 30, 2023, Altisource Asset Management Corporation received a written notice from the New York Stock Exchange (NYSE" or the Exchange") that the NYSE would delist the Company's shares of common stock from the Exchange. NYSE Regulation staff had determined that the Company was no longer qualified for listing pursuant to Section 1009(a) of the NYSE American Company Guide, citing non-compliance with the Stockholders' Equity requirements provided in Sections 1003(a)(i), (ii) and (iii) thereof. As a result of the Settlement Agreement, which has the effect of increasing the Company's Stockholders' Equity to an amount exceeding $6,000,000, the NYSE informed the Company that its notice of intent to delist the Company's common stock would be rescinded. Tillkännagivande • Dec 06
Altisource Asset Management Corporation Announces Departure of Danya Sawyer as Interim CEO Altisource Asset Management Corporation announced the resignation of Danya Sawyer, Chief Operating Officer of Alternative Lending Group, the Company’s principal operating subsidiary. Ms. Sawyer, whose departure was effective December 1, 2023, also served as AAMC’s interim Chief Executive Officer during the recent restructuring of the Company’s loan business. A successor CEO is expected to be announced within 30 days. 
