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| NCT > SEC Filings for NCT > Form 8-K on 30-Jan-2009 | All Recent SEC Filings |
30-Jan-2009
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or S
On January 26, 2009, Newcastle Investment Corp. (the "Company") was notified
(the "Notice") by the New York Stock Exchange ("NYSE") that it is not in
compliance with the NYSE's continued listing standards. The NYSE's Notice
indicated that, as of January 22, 2009, the Company's thirty (30) trading-day
average closing share price for its common stock was $.95, which was below the
NYSE's quantitative listing standard requiring NYSE listed companies to have an
average closing price of any listed security not below $1.00 per share for any
consecutive thirty (30) trading-day period (the "Share Price Deficiency"). Under
the applicable rules and regulations of the NYSE, the Company has ten
(10) business days from the receipt of the Notice, or until February 9, 2009, to
notify the NYSE of its intent to cure this deficiency.
Under applicable rules and regulations of the NYSE regarding the Share Price Deficiency, the Company has six (6) months from the date of the Notice to cure the Share Price Deficiency. If the Company is not compliant by that date, its common stock will be subject to suspension and delisting by the NYSE.
The Company is currently exploring alternatives for curing the above deficiencies and restoring compliance with the continued listing standard and intends to notify the NYSE within the required ten (10) business day period that it intends to cure the deficiency. The Company's common stock remains listed on the NYSE under the symbol NCT, but will be assigned a ".BC" indicator by the NYSE to signify that the Company is not currently in compliance with the NYSE's continued quantitative listing standards. Although the Company intends to cure this deficiency and to return to compliance with the NYSE continued listing requirements, there can be no assurance that it will be able to do so.
The Notice pertains only to the Company's common shares and does not pertain to any series of the Company's preferred shares, which remain listed on the NYSE.
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