Replies to post #51406 on Fannie Mae-No Politics (FNMA)

[TheFinalCD]

we need some clarification so LETS Contact NSYE compliance dept
and ask!

http://usequities.nyx.com/regulation/listed-companies-compliance

[skidoo31]

This chart is to be used for an initial evaluation only. For a more complete discussion of the minimum numerical standards applicable to U.S. companies, see Section 102.00 of the Listed Company Manual.

[skidoo31]

It is really hard for me to navigate NYSE web site with an iPhone, dig a little deeper and you will find the listing requirements for a previously listed company

[Eazy]

No that only applies to IPOs. If you look at the NYSE regulations under paragraph 802.01C it talks about listing after delisting.

[TheFinalCD]

Continued Listings Standards


http://usequities.nyx.com/regulation/listed-companies-compliance/continued-listings-standards

The Exchange has both quantitative and qualitative continued listing criteria. When a company falls below any criterion, the Exchange will review the appropriateness of continued listing. The following is a summary of the Exchange's financial continued listing standards. For a more complete discussion of the Exchange's continued listing standards, as well as the procedures followed when a company falls below any of the continued listing criteria, see Section 802.00 of the Listed Company Manual.

Price Criteria

Average closing price of a security is less than $1.00 over a consecutive 30 trading-day period.


Numerical Criteria for Capital and Common Stock

For companies that listed under the Earnings standard
and Assets & Equity standard

Average global market capitalization over a
consecutive 30 trading-day period is less than $50 million
AND
Total stockholders equity is less than $50 million
OR
Average global market capitalization over a
consecutive 30 trading-day period is less than $15 million

For companies that listed under the Pure Valuation
with Cash Flow standard

Average global market capitalization over a
consecutive 30 trading-day period is less than $250 million
AND
Total revenues for the most recent 12 months $20 million
OR
Average global market capitalization over a
consecutive 30 trading-day period is less than $75 million

For companies that listed under the Pure Valuation standard

Average global market capitalization over a
consecutive 30 trading-day period is less than $375 million
AND
Total revenues for the most recent fiscal year
are less than $15 million
OR
Average global market capitalization over a
consecutive 30 trading-day period is less than $100 million

For companies that listed under the Affiliated Company standard

Will not be subject to numerical criteria unless the parent/affiliated company no longer controls the entity or such parent/affiliated company itself falls below the numerical criteria.


The exchange has separate criteria for Funds, REITs and Limited Partnerships, for Bonds, and for Preferred stocks. See Section 802.01B of the Listed Company Manual.

Issuers may trade on the Exchange while noncompliant with the quantitative continued listing criteria subject to the procedures referred to in Sections 802.02 and 802.03 of the Exchange's Listed Company Manual. If an issuer is traded on the Exchange while below its quantitative continued listing criteria, the Exchange will disseminate over the consolidated tape a BC indicator of its status. The indicator continues to be disseminated until NYSE Regulation staff has determined that the issuer is in good standing. Whether this indicator appears in a stock quotation and what symbol is used to represent it is determined by the particular vendor displaying the quote.

A complete list of issuers that are noncompliant with NYSE quantitative and corporate governance listing standards is available.



http://nysemanual.nyse.com/LCMTools/PlatformViewer.asp?searched=1&selectednode=chp%5F1%5F9%5F2&CiRestriction=802%2E00&manual=%2Flcm%2Fsections%2Flcm%2Dsections%2F


802.01C Price Criteria for Capital or Common Stock

A company will be considered to be below compliance standards if the average closing price of a security as reported on the consolidated tape is less than $1.00 over a consecutive 30 trading-day period.

Once notified, the company must bring its share price and average share price back above $1.00 by six months following receipt of the notification. A company is not eligible to follow the procedures outlined in Paras. 802.02 and 802.03 with respect to this criteria. The company must, however, notify the Exchange, within 10 business days of receipt of the notification, of its intent to cure this deficiency or be subject to suspension and delisting procedures. In addition, a domestic company must disclose receipt of the notification by issuing a press release disclosing the fact that it has fallen below the continued listing standards of the Exchange within the time period allotted by SEC rules for the making of a filing with respect to Exchange notification of that event, but no longer than four business days after notification. A non-U.S. company must issue this press release within 30 days after notification. If the company fails to issue this press release during the allotted time period, the Exchange will issue the requisite press release. The company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period the company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. In the event that at the expiration of the six-month cure period, both a $1.00 closing share price on the last trading day of the cure period and a $1.00 average closing share price over the 30 trading-day period ending on the last trading day of the cure period are not attained, the Exchange will commence suspension and delisting procedures.

Notwithstanding the foregoing, if a company determines that, if necessary, it will cure the price condition by taking an action that will require approval of its shareholders, it must so inform the Exchange in the above referenced notification, must obtain the shareholder approval by no later than its next annual meeting, and must implement the action promptly thereafter. The price condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above the level for at least the following 30 trading days.

Notwithstanding the foregoing, if the subject security is not the primary trading common stock of the company (e.g., a tracking stock or a preferred class) or is a stock listed under the Affiliated Company standard where the parent remains in "control" as that term is used in that standard, the Exchange may determine whether to apply the Price Criteria to such security after evaluating the financial status of the company and/or the parent/affiliated company, as the case may be.

Amended: September 2, 2009 (NYSE-2009-88).

[skidoo31]

I found this in sec 1 of the act, I will dig some more tonight, I did read somewhere it is $1 and 30 days for previously listed companies

103.01C Policy on restated financial statements due to change from an unacceptable to acceptable accounting principle or a correction of errors

If at any time following the Exchange's initial determination that a company meets the Exchange's original listing criteria, the company restates its financial statements due to a change from an unacceptable to an acceptable accounting principle or a correction of errors, and the restatement encompasses financial statements included in its SEC filings at the time of application for listing on the Exchange, the Exchange will reevaluate the company's listing status. In this regard, the Exchange will determine whether, at the time of the original clearance, the company would have qualified under the Exchange's original listing standards utilizing the restated financial data. If not, unless the company meets original listing standards at the time of the restatement, the company will be notified that it does not meet the original listing standards and, if its securities have been listed, such securities will be suspended from trading and the company will immediately be subject to the delisting procedures in Para. 804.

[buflo]

See http://www.reuters.com/article/2008/11/14/businesspro-us-nyse-idUSTRE4AD63P20081114

See
http://nysemanual.nyse.com/LCMTools/PlatformViewer.asp?selectednode=chp_1_9_2_1&manual=%2Flcm%2Fsections%2Flcm-sections%2F

Exerpt: Notwithstanding the foregoing, if a company determines that, if necessary, it will cure the price condition by taking an action that will require approval of its shareholders, it must so inform the Exchange in the above referenced notification, must obtain the shareholder approval by no later than its next annual meeting, and must implement the action promptly thereafter. The price condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above the level for at least the following 30 trading days.

Not easy reading, but I do think the NYSE laws state the stock price must remain above $1.00 for 30 days, inform the Exchange and have shareholder approval.

I am not sure this can all happen on the 30th day, but it appears to be very possible FNMA stock can relist on NYSE very soon. The $4.00 price appears to apply to initial listing applications.