Ditech Holding Corp. has received a second notice from the New York Stock Exchange warning its common stock could be delisted for not being in compliance with the exchange's requirements.
The company has yet to announce its first-quarter results and has not filed its 10-Q with the Securities and Exchange Commission. It announced its
Those first-quarter results are delayed because of the application of fresh start accounting in connection with Ditech's
The mortgage lender has six months from May 21 to file the 10-Q form, with the exchange having the option to grant an additional six-month period.
However, the NYSE can start delisting procedures at any time if circumstances warrant, the Ditech press release said.
Last August, the NYSE warned Walter Investment Management Corp., the pre-bankruptcy name of Ditech's holding company, that because its average market capitalization was under $50 million and that its stockholders' equity was under $50 million for 30 consecutive trading days, it was not in compliance with the listing standards.
Ditech has yet to regain compliance with this standard, the press release said. Its market capitalization as of midday on May 29 was $29.36 million.
When it emerged from bankruptcy, Ditech opened at $10.10 per share. The last time it traded at over $10 was on March 20 and its May 29 opening price was $6.63 per share.