News Releases

 
NYSE Reviewing Continued Listing Status of New Century Financial Corp.
NEW YORK, March 12, 2007 -- NYSE Regulation, Inc. announced today that it is reviewing the continued listing status of the common stock of New Century Financial Corp. (the “Company”) -- ticker symbol NEW, its 9.125% Series A Cumulative Redeemable Preferred Stock -- ticker symbol NEW Pr A, and its 9.75% Series B Cumulative Redeemable Preferred Stock -- ticker symbol NEW Pr B. 

The NYSE halted trading on Monday, March 12, 2007 , due to the review of recent disclosures involving the Company’s ongoing liquidity and financing efforts.

The NYSE’s continued listing standards applicable to the Company, which is a Real Estate Investment Trust, require (i) an average market capitalization over 30 consecutive trading days of $25,000,000;(ii) maintenance of its REIT status, unless the resultant entity qualifies as an original listing as a corporation and (iii) an average closing price of a security of $1.00 over a consecutive 30 trading day period.

Although the Company is currently in compliance with the above continued listing requirements, the NYSE is not limited to these quantitative standards. Rather, it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of an issue in light of all pertinent facts whenever it deems such action appropriate, even though a security meets or fails to meet any enumerated criteria.

The NYSE will continue the trading halt of the Company’s securities until such time as material information regarding its liquidity and financing efforts has been disseminated and the NYSE has been able to complete its related evaluation. Upon completion of its evaluation, the Exchange will either suspend the security from trading or resume trading. If the NYSE decides to suspend the security, it would then apply to the SEC to delist the issue.

The NYSE noted that it may, at any time, suspend a security if it believes that continued dealings in the security on the NYSE are not advisable.

Company contact:

Patti Dodge, EVP of IR

Tel: 949-863-5719

 



See Section 802.00 of the NYSE Listed Company Manual for continued listing criteria and procedure for delisting

Contact: Brendan Intindola
Phone: 212-656-4236
Email:  bintindola@nyse.com