|
|
|
NYSE to Suspend Syncora Holdings Ltd. and Moves to Remove from the List
| | |
NEW YORK, December 12, 2008 – The New York Stock Exchange (“NYSE”) announced today that it determined that the common stock of Syncora Holdings Ltd. (the "Company") -- ticker symbol SCA -- should be suspended prior to the opening on December 17, 2008, or such earlier date as the Company commences trading in another securities marketplace or if there is material adverse development. The Company has indicated that it expects the trading of its common stock to move to another market in connection with the NYSE's suspension action.
The decision to suspend the Company’s common stock was reached in view of the fact that the Company has fallen below the NYSE continued listing standard regarding average market capitalization of not less than $75 million over a 30 trading day period and stockholders’ equity of not less than $75 million. In addition, the Company again fell below the NYSE’s continued listing standard for average share price over a consecutive 30 trading day period of not less than $1.00. The Company informed NYSE Regulation that at this time it is unable to provide reasonable assurance that it expects to return to the continued listing standards within the allowable recovery period.
The NYSE will make the appropriate filings with the U.S. Securities and Exchange Commission pending the completion of its applicable procedures, as the Company has informed the NYSE that it will not challenge this determination. 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.
For further information contact:
Michael Gormley
Syncora Holdings Ltd.
212.478.3463
investorrelations@scafg.com
See Section 802.00 of the NYSE Listed Company Manual for continued listing criteria and procedure for delisting
|
