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Friday, November 28, 2008 12:02:42 PM
Fannie Mae to bring up share price to remain listed on NYSE
11/26 03:13 PM
SAN FRANCISCO (MarketWatch) -- Fannie Mae (FNM:$1.0199,$0.3099,43.65%) said Wednesday that it intends to bring the share price of its common stock above $1 in a bid to remain listed on the New York Stock Exchange. As a part of this effort, Fannie Mae (FNM:$1.0199,$0.3099,43.65%) is working with its conservator, the Federal Housing Finance Agency, to determine what action to take. "If necessary to bring its share price and its average share price for 30 consecutive trading days above $1.00, and subject to the approval of the U.S. Department of Treasury, Fannie Mae (FNM:$1.0199,$0.3099,43.65%) has advised the NYSE that it may undertake a reverse stock split in order to cure the deficiency by the May 11, 2009 date," said Fannie Mae (FNM:$1.0199,$0.3099,43.65%) in a statement. If the company fails to meet the deadline, the NYSE will initiate suspension and delisting procedures. Fannie Mae (FNM:$1.0199,$0.3099,43.65%) most recently traded at 73 cents a share.
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