Altisource Asset Management Corp: Nasdaq/NYSE listing notice — AAMC settles with Luxor, repurchases 144,212 preferred shares; NYSE rescinds delisting notice

Altisource Asset Management Corp

Luxor surrenders all 144,212 Series A Convertible Preferred Shares; related agreements declared void.
AAMC pays $1M cash plus three promissory notes: $2M (3yr), $3M (5yr), $6M (8yr) at 7.5% cash or 10% PIK interest.
AAMC to pay Luxor 50% of proceeds from Erbey Holding litigation, capped at $50M.
All litigation with Luxor and former director Redleaf dismissed with prejudice; mutual releases exchanged.
NYSE rescinds November 2023 delisting notice as stockholders' equity exceeds $6M from settlement.

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 noncompliance notice notice regarding stockholders equity (rules 1003(a)(i), 1003(a)(ii), 1003(a)(iii), 1009(a)).

Exchange: nyse american
Notice: noncompliance 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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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Altisource Asset Management Corp entered into Settlement Agreement with Luxor Capital Group LP, Luxor Capital Partners Offshore Masters Fund, LP, Luxor Capital Partners, LP, Luxor Wavefront, LP, Luxor Spectrum, LLC, Thebes Offshore Master Fund, LP, and Nathaniel Redleaf valued at $1,000,000 cash payment plus Notes totaling $11,000,000 (effective 2024-01-11).

Action: entry
Agreement: settlement
Counterparty: Luxor Capital Group LP, Luxor Capital Partners Offshore Masters Fund, LP, Luxor Capital Partners, LP, Luxor Wavefront, LP, Luxor Spectrum, LLC, Thebes Offshore Master Fund, LP, and Nathaniel Redleaf
Value: $1,000,000 cash payment plus Notes totaling $11,000,000
Effective: 2024-01-11

Exact text from the filing

Effective as of January 11, 2024 (the “Effective Date”), Altisource Asset Management Corporation (“AAMC” or the “Company”) entered into a settlement agreement (the “Settlement Agreement”) with Luxor Capital Group LP, Luxor Capital Partners Offshore Masters Fund, LP, Luxor Capital Partners, LP, Luxor Wavefront, LP, Luxor Spectrum, LLC, and Thebes Offshore Master Fund, LP (collectively, “Luxor”) and Nathaniel Redleaf, a former AAMC director

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Source: SEC EDGAR

accession 0001555074-24-000007

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