Business Context and Reporting Period
Company: Finance of America Companies Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: February 12, 2024 (Event Date)
Reporting Period: The filing addresses a specific event regarding stock listing compliance as of February 9, 2024.
Key Financial Metrics
This Form 8-K does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing is strictly a notice regarding stock listing status.
Material Changes
Listing Compliance Notice: On February 12, 2024, the Company received a notice from the New York Stock Exchange (NYSE) stating it is not in compliance with Section 802.01C of the NYSE Listed Company Manual.
Reason for Non-Compliance: The average closing price of the Company's Class A Common Stock was less than $1.00 over a consecutive 30 trading-day period ending February 9, 2024.
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 can be achieved if the closing share price is at least $1.00 on the last trading day of any calendar month during the cure period, with an average closing price of at least $1.00 over the prior 30 trading days.
- Management Plan: Finance of America intends to notify the NYSE within ten business days of its intent to cure the condition and is considering all available options to regain compliance.
- Operational Impact: Management states the notice is not anticipated to impact ongoing business operations or SEC reporting requirements.
- Risks: The filing includes standard forward-looking statement disclaimers regarding the uncertainty of regaining compliance. Specific risk factors are referenced in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.
Investor Verification Checklist
- Verify the current trading price of Class A Common Stock (FOA) to assess proximity to the $1.00 threshold.
- Monitor the Company's announcement within ten business days of February 12, 2024, detailing the specific plan to cure the listing deficiency.
- Review the press release dated February 16, 2024 (Exhibit 99.1) for additional details on the notice.
- Check subsequent filings for updates on the 30-day average closing price during the six-month cure period.