Business Context and Reporting Period
Company: Finance of America Companies Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: December 12, 2023
Subject: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard (Item 3.01).
Key Financial Metrics
This filing is a regulatory notice regarding stock listing compliance and does not contain financial statements. Consequently, the filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
- Listing Status: The Company received a notice from the New York Stock Exchange (NYSE) on December 12, 2023, stating it is not in compliance with Section 802.01C of the NYSE Listed Company Manual.
- Trigger Event: As of December 11, 2023, the average closing price of the Company's Class A Common Stock was less than $1.00 over a consecutive 30 trading-day period.
- Immediate Impact: The notice has no immediate effect on the listing of the stock, and the Company remains listed on the NYSE subject to other requirements.
Guidance, Outlook, and Risks
- Cure Period: The Company has a six-month cure period to regain compliance.
- Compliance Plan: Finance of America intends to notify the NYSE within ten business days of its intent to cure the deficiency. The Company is considering all available options to regain compliance and intends to remain listed on the NYSE.
- Operational Impact: Management states the notice is not anticipated to impact ongoing business operations or SEC reporting requirements.
- Risks: Forward-looking statements regarding the ability to regain compliance are subject to risks and uncertainties. If the Company cannot cure the price condition, it may face delisting.
Investor Verification Checklist
- Verify the current trading price of Class A Common Stock (FOA) to assess progress toward the $1.00 threshold.
- Monitor subsequent filings for the formal notification of the cure plan to the NYSE.
- Review the Company's Annual Report on Form 10-K for detailed risk factors related to stock price volatility and liquidity.
- Check for any shareholder actions (e.g., reverse stock splits) that may be proposed to address the listing standard.