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. Tillkännagivande • Dec 01
NYSE American to Commence Delisting Proceedings Against Altisource Asset Management Corporation NYSE American announced that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of Altisource Asset Management Corporation from the Exchange. NYSE Regulation has determined that the Company is no longer suitable for listing pursuant to Section 1009(a) of the NYSE American Company Guide (the “Company Guide”) as the Company was unable to demonstrate that it had regained compliance with Sections 1003(a)(i), (ii) and (iii) of the Company Guide by the end of the maximum 18-month compliance plan period, which expired on November 30, 2023. The Company has a right to a review of NYSE Regulation staff’s determination to delist the common stock by the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the Exchange (the “Panel”). Following such appeal and a decision by the Panel, NYSE American or the Company will make an announcement regarding either proceeding with suspension and delisting or continued trading in the Company’s common stock. If the Company does not appeal this determination, NYSE American will announce the date that trading will be suspended. The filing of an application with the Securities and Exchange Commission to delist the common stock is pending completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision. Tillkännagivande • Sep 09
Altisource Asset Management Corporation Announces Executive Changes The Board of Altisource Asset Management Corporation announced the promotion of Richard Rodick, previously Vice President, Finance, to Chief Financial Officer. Mr. Rodick succeeds previous CFO Stephen Krallman, who is resigning from his role effective September 14, 2023. Richard Rodick brings over 30 years of financial leadership in a wide range of industries and six years in public accounting with a Big Four audit firm. He has been a Controller and a CFO for both public and private multinational entities. Richard Rodick will be an invaluable addition to its senior management team as the company move forward with the restructure of mortgage operations and consider opportunistic new ventures. Tillkännagivande • Jun 08
Altisource Asset Management Corporation Announces Board Changes Altisource Asset Management Corporation announced that on June 5, 2023, John de Jongh, the Chairman of the Board of Directors of the company resigned as Chairman of the Board and as a director of the Company, effective immediately. Effective immediately following Mr. de Jongh’s resignation, the Board unanimously appointed (i) current director Ricardo Byrd as Chairman of the Board and (ii) Charles Frischer to fill the vacancy left by Governor de Jongh’s resignation and serve as a director of the Company. Mr. Frischer has been named Chairman of the Audit Committee and is also a member of the both the Compensation Committee and the Nomination/Governance Committee. Tillkännagivande • Jan 18
Altisource Asset Management Corporation Appoints Danya Sawyer as Chief Operating Officer of the Alternative Lending Group, Effective February 1, 2023 Altisource Asset Management Corporation announced that Danya Sawyer will join the company as chief operating officer of the Alternative Lending Group (ALG) on February 1, 2023. As COO, Sawyer will build and oversee operations across all product lines to support ALG’s growing market share. Sawyer will lead the company in helping real estate investors and developers by providing a more modern, equitable, and helpful path to capital than traditional lenders. Sawyer brings more than 20 years of successful strategic leadership within Operations, Capital Markets, Product Management, and Compliance across multiple origination channels. Sawyer most recently served as Senior Vice President, Client Solutions at Consolidated Analytics, overseeing originator assessments and enterprise-wide due diligence on behalf of institutional investors offering warehouse financing solutions, whole loan acquisitions, and securitization options within Agency, Non-Agency, Non-QM, and Business Purpose lending. Sawyer built her career at Countrywide, initially operating in various pricing and operational roles before developing a de novo broker to banker channel. After growing that channel to a run rate of over $1 billion in monthly production, she was promoted to various senior management positions at Countrywide/Bank of America. In 2014, Sawyer was named one of the industry’s top mortgage professionals under the age of 35 by The M Report. Sawyer earned her degree in International Economics from UC Berkeley, where she was selected as an NCAA Academic All-American. Tillkännagivande • Nov 15
Altisource Asset Management Corporation, Annual General Meeting, Dec 14, 2022 Altisource Asset Management Corporation, Annual General Meeting, Dec 14, 2022, at 09:30 Atlantic Standard Time. Location: 5100 Tamarind Reef, Christiansted, United States Virgin Islands 00820 Christiansted United States Agenda: To consider and vote upon the election of four nominees to the board of directors of the Company to serve until the 2023 annual meeting of stockholders and/or until their successors are duly elected and qualified; to consider and vote upon the ratification of the appointment of Ernst & Young LLP to be the Company's independent registered public accounting firm for the year ending December 31, 2022; to approve, on an advisory basis, the compensation of the Company's named executive officers, as disclosed in this Proxy Statement; and to transact such other business as may properly come before the Annual Meeting and any postponement or adjournment thereof. Tillkännagivande • Sep 21
Altisource Asset Management Corporation Provides Revenue Guidance for the Third Quarter of 2022 Altisource Asset Management Corporation provided revenue guidance for the third quarter of 2022. If the Company does not sell any loans prior to September 30, 2022, the Company estimates it will recognize approximately $1.8 million in total revenue for the third quarter of 2022. Tillkännagivande • Aug 16
Altisource Asset Management Announces NYSE Acceptance of Remediation Plan to Address Deficiency Letter Notice Altisource Asset Management Corporation (“AAMC” or the “Company”) announced that the NYSE American LLC (the “NYSE”) has accepted the Company’s remediation plan (the “Plan”) to regain compliance with Rule 1003(a)(i). As previously disclosed, the Company will now have until November 30, 2023 to execute on its Plan; during this time AAMC will be required to provide quarterly status reports to the NYSE on achieving the thresholds denoted in the Plan in comparison to operating actual results. Tillkännagivande • Jun 04
Altisource Asset Management Announces Receipt of Deficiency Letter from NYSE On May 31, 2022, Altisource Asset Management Corporation ("the Company") received a deficiency letter ("the Letter") from the NYSE American LLC ("the NYSE") indicating that the Company is not in compliance with the NYSE continued listing standard as set in Section 1003(a)(i), (ii) and (iii) of the NYSE Company Guide. The Letter does not result in the immediate delisting of the Company's common stock from the NYSE Market. Pursuant to the NYSE Company Guide and as provided in the Letter, the Company may provide the NYSE staff with a plan (the "Plan") by June 30, 2022 advising the NYSE staff of any actions the Company has taken and plans on taking that will bring the Company into compliance with the NYSE's continued listing standards within 18 months from receipt of the Letter (i.e. November 30, 2023). The Company intends to submit a Plan by the June 30, 2022 deadline. Tillkännagivande • May 20
Altisource Asset Management Corporation Announces Expiration of Thomas K. McCarthy as Interim Chief Executive Officer, Effective May 31, 2022 Altisource Asset Management Corporation affirmed that Thomas K. McCarthy's term as Interim Chief Executive Officer expires on May 31, 2022 in accordance with the terms of his employment agreement. Tillkännagivande • Apr 23
Altisource Asset Management Corporation Names Jason Kopcak as President and Chief Operating Officer to Its Alternative Lending Group Altisource Asset Management Corporation has hired Jason Kopcak as President and Chief Operating Officer to lead ALG, among other responsibilities and is expected to join AAMC in May 2022. Mr. Kopcak was most recently at Morgan Stanley, joining in September 2018 as an Executive Director with Morgan Stanley’s residential mortgage team within Global Capital Markets. Prior to Morgan Stanley, Mr. Kopcak worked at Nomura, a global financial services group, from May 2012 until September 2018 in a similar capacity. Tillkännagivande • Jan 07
NYSE Notifies Altisource Asset Management Common Stock Cannot Be Traded on Any Other Exchange or in the Over-The-Counter Market On November 30, 2021, the New York Stock Exchange (the “NYSE”) notified Altisource Asset Management Corporation (the “Company”) that it was halting trading in the Company’s common stock as it had regulatory concerns about the Company’s compliance with the NYSE American’s continued listing standards. While the trading halt is in place, the Company understands that its common stock cannot be traded on any other exchange or in the over-the-counter market. Executive Departure • May 06
Chief Financial Officer has left the company On the 24th of April, Christopher Moltke-Hansen's tenure as Chief Financial Officer ended after less than a year in the role. We don't have any record of a personal shareholding under Christopher's name. A total of 5 executives have left over the last 12 months. Executive Departure • Apr 24
Chairman, CEO & President Indroneel Chatterjee has left the company On the 19th of April, Indroneel Chatterjee, was replaced as CEO by Thomas McCarthy after less than a year in the role. Indroneel personally held 60.00k shares (US$1.4m worth) as of December 2020. This is 2.9% of the company. A total of 3 executives have left over the last 12 months. Under Indroneel's leadership, the company delivered a total shareholder return of -14%. Executive Departure • Apr 20
Chairman, CEO & President Indroneel Chatterjee has left the company On the 19th of April, Indroneel Chatterjee's tenure as Chairman, CEO & President of the company ended after less than a year in the role. Indroneel personally held 60.00k shares (US$1.4m worth) as of December 2020. This is 2.9% of the company. A total of 3 executives have left over the last 12 months. Under Indroneel's leadership, the company delivered a total shareholder return of -14%. Is New 90 Day High Low • Mar 10
New 90-day low: US$20.80 The company is down 9.0% from its price of US$22.74 on 09 December 2020. The American market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is flat over the same period. Tillkännagivande • Feb 19
Altisource Asset Management Corporation Announces Settlement of Litigation with Putnam Investments, LLC Altisource Asset Management Corporation announced that the company has settled ongoing litigation with Putnam Investments, LLC and its affiliates, one of the plaintiffs in the litigation related to the Company’s Series A Convertible Preferred Stock. The company will deliver to Putnam 288,283 shares of common stock in exchange for 81,800 Preferred Shares, which were previously issued at $1,000 per share. The company agreed to pay $1,636,000 to Putnam within three business days of the effective date of the settlement agreement, and $1,227,000 on the one-year anniversary of the effective date of the settlement agreement. The company granted a most favored nation clause to Putnam requiring the company to pay Putnam the difference, subject to certain terms and conditions, if the company enters into a mutually agreed settlement with another holder of Preferred Shares at a higher value per Preferred Share than provided to Putnam under the Settlement Agreement. Putnam agreed to a stipulation dismissing their claims with prejudice in the subject litigation and releasing the Company from all other claims relating to the Preferred Shares. Putnam agreed to a stipulation dismissing their claims with prejudice in the subject litigation and releasing the Company from all other claims relating to the Preferred Shares. The company expects to recognize a one-time benefit of approximately $72 million from this settlement in net income available to common shareholders. Is New 90 Day High Low • Jan 29
New 90-day low: US$20.98 The company is down 11% from its price of US$23.50 on 29 October 2020. The American market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 13% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: US$23.90 The company is up 17% from its price of US$20.50 on 06 October 2020. The American market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 05
New 90-day high: US$23.90 The company is up 14% from its price of US$20.94 on 04 September 2020. The American market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Real Estate industry, which is up 33% over the same period. Tillkännagivande • Nov 06
Front Yard Residential Corporation (NYSE:RESI) agreed to acquire certain assets and operations from Altisource Asset Management Corporation (AMEX:AAMC) for $8.2 million. Front Yard Residential Corporation (NYSE:RESI) agreed to acquire certain assets and operations from Altisource Asset Management Corporation (AMEX:AAMC) for $8.2 million on November 4, 2020. The total consideration is $8.2 million, $3.2 million of which was paid to Altisource Asset Management on August 17, 2020), of which all or a portion of the remaining $5.0 million may be paid in Front Yard common stock, at Front Yard’s option and subject to certain conditions, restrictions, and limitations. Is New 90 Day High Low • Oct 20
New 90-day high: US$23.87 The company is up 68% from its price of US$14.17 on 22 July 2020. The American market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 16% over the same period. Tillkännagivande • Jul 02
Altisource Asset Management Corporation(AMEX:AAMC) dropped from Russell Microcap Value Index Altisource Asset Management Corporation(AMEX:AAMC) dropped from Russell Microcap Value Index