Ambac (ABK), a leading insurer of municipal bonds, said the NYSE warned that the company will be delisted if its shares remain below $1. It rose to 68 cents
SAN FRANCISCO Ambac Financial Group Inc.(ABK 0.65, -0.01, -1.47%) said late Tuesday that The New York Stock Exchange notified the company its consecutive 30-trading day average has fallen below $1. Ambac said that it has six months to increase its average share above $1 or risk being delisted from the exchange. (via marketwatch)
Nasdaq Stock: Ambac Financial (ABK 0.65, -0.01, -1.47%) said late Tuesday that it had exchanged $11.8 million in debt for equity. As a part of the deal, Ambac issued 8.6 million common shares, bringing its total outstanding shares to 302 million. Since early June, Ambac has issued 13.64 million shares in exchange for $20.3 million in debt. Ambac has six months to increase its share price above $1 before risking delisting from the New York Stock Exchange.