INFORMATION WHEN F&F RELISTED ON NYSE
As all we know, ignoring articles, NO LIQUIDATION ALLOWED UNDER CONSERVATORSHIP. So, Government has only 2 options,
1/ REMOVE CONSERVATORSHIP ---> FNMA has to get closing price $4 at the time of initial listing on NYSE ( see supportive documents from NYSE sources below )
OR
2/ COMBINE F and F INTO SINGLE NEW ENTITY ---> It takes more than one year to be listed on NYSE AFTER the bill is passed ( see supportive documents from NYSE sources below )
A - ABOUT REMOVING CONSERVATORSHIP TO LET FNMA TO BE RE-LISTED ON NYSE
A company that (i) qualifies as an emerging growth company as defined in Section 2(a)(19) of the Securities Act and Section 3(a)(80) of the Exchange Act and (ii) avails itself of the provisions of the Securities Act and the Exchange Act permitting emerging growth companies and is transferred from another market MUST meets the following requirements to list on NYSE
1/ At least total stockholders 2,200 ---> PASSED
2/ Average monthly trading volume 100K ---> PASSED
3/ At least Publicly held shares 1.1M ---> PASSED
4/ Closing price $4 at the time of initial listing ---> NOT YET
5/ At least 750M in Global Market Capitalization ---> PASSED
6/ At least 75M in Revenues during most recent 12 months ---> PASSED
CONCLUSION ---> If FNMA is released from Conservatorship right now, they only have to get the closing price $4 at the time of initial listing on NYSE. That is easy to get once Conservatorship is removed.
B - ABOUT COMBINING F and F INTO A SINGLE ENTITY
A Reverse Merger Company listed as an IPO MUST meets the following requirements to list on NYSE
1/ Traded at least 1 year at US Over-The-Counter Market ---> PASSED
2/ At least 400 holders holding more than 100 shares ---> PASSED
3/ At least Publicly held shares 1.1M ---> PASSED
4/ Has maintained a closing stock price of $4 or higher for a sustained period of time, but in no event for less than 30 of the most recent 60 trading days prior to the filing of the initial listing application ---> NOT YET
5/ At least 750M in Global Market Capitalization ---> PASSED
6/ At least 75M in Revenues during most recent 12 months ---> PASSED
7/ Timely filed with the Commission all required reports since the consummation of the Reverse Merger, including the filing of at least one annual report containing all required audited financial statements for a full fiscal year commencing on a date after the date of filing of initial listing with the Commission ---> NOT YET
CONCLUSION ---> In the worse case scenario that the bill to combine F and F into a Single New Entity is passed by the end of 2013, it takes more than one year for the New Entity to complete the filing IPO and stock has maintained a closing price $4 as indicated in item # 4 above.
There is nothing to worry because the current stocks of F and F will be transferred to the New Entity equally 1 : 1. But it takes longer than Option A.
Wiping out all Commons Stocks as per bashing articles is NOT the case.
