ANTHRACITE CAPITAL INC Files SEC form 8-K, Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Stan
12/2/2009 11:28:00 AM (EDGAR Online)
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Stan
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listings.
(a)On December 1, 2009, the New York Stock Exchange (the "NYSE") issued a press release announcing the immediate suspension of listing on the NYSE of the following equity securities of Anthracite Capital, Inc. (the "Company"):
? common stock (ticker symbol: AHR);
? 9.375% Series C Cumulative Redeemable Preferred Stock (ticker symbol: AHR PR
? 8.25% Series D Cumulative Redeemable Preferred Stock (ticker symbol: AHR PR D).
NYSE Regulation, Inc. ("NYSE Regulation") determined that the Company was no longer suitable for listing in light of the abnormally low price of the Company's common stock after the Company's December 1, 2009 news announcement that discussed defaults and cross-defaults on certain of its unsecured and secured debt obligations. The Company's common stock closed at $0.24 with a resultant market capitalization of $22.6 million on December 1, 2009. NYSE Regulation also noted that the Company, in its December 1, 2009 news announcement, stated that there can be no assurance that the Company's discussions with creditors will result in its continuing operations and referenced management's assessment that in the event of reorganization or liquidation, shareholders would not receive any value and the value received by unsecured creditors would be minimal. The Company understands that the NYSE commenced delisting procedures pursuant to Section 802.01D of the NYSE's Listed Company Manual.
In its announcement regarding the suspension, NYSE Regulation also noted that the Company had previously fallen below the NYSE's continued listing standard for average closing price of less than $1.00 over a consecutive 30 trading day period.
The NYSE has submitted applications to the Securities and Exchange Commission to delist the above-referenced securities. At this time, the Company does not intend to take any action to appeal NYSE Regulation's decision and, therefore, it is expected that these securities will be delisted upon completion of the applicable delisting procedures.