Altisource Asset Management Corp: Nasdaq/NYSE listing notice — Altisource settles Luxor litigation, repurchases 144K preferred shares, avoids NYSE delisting

Altisource Asset Management Corp

Luxor surrenders all 144,212 Series A Preferred Shares; AAMC pays $1M cash plus $11M in notes due in 3/5/8 years.
Notes bear 7.5% cash or 10% PIK interest; common stock repurchases and dividends prohibited if PIK elected.
AAMC to pay Luxor 50% of proceeds from Erbey Holding Corp litigation, up to $50M cap.
All related litigation dismissed with prejudice; mutual releases with no admission of liability.
NYSE rescinds November 30 delisting notice after settlement boosts stockholders' equity above $6M.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

Altisource Asset Management Corp received a nyse_american delisting notice notice regarding stockholders equity (rules 1003(a)(i), 1003(a)(ii), 1003(a)(iii), 1009(a)).

Exchange: nyse american
Notice: delisting notice
Deficiency: stockholders equity
Rules: 1003(a)(i), 1003(a)(ii), 1003(a)(iii), 1009(a)

Exact text from the filing

November 30, 2023, the Company received a written notice from the New York Stock Exchange (“NYSE” or the “Exchange”) that the NYSE would delist the Company’s shares of common stock from the Exchange. NYSE Regulation staff had determined that the Company was no longer qualified for listing pursuant to Section 1009(a) of the NYSE American Company Guide, citing non-compliance with the Stockholders’ Equity requirements provided in Sections 1003(a)(i), (ii) and (iii) thereof. As a result of the Settlement Agreement, which has the effect of increasing the Company’s Stockholders’ Equity to an amount

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Source: SEC EDGAR

accession 0001555074-24-000002

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