WASHINGTON – Freddie Mac has been notified by the New York Stock Exchange that it is in danger of being delisted from the stock exchange because the average closing price of Freddie's stock is below the exchange's price criterion-the $1 rule.
The GSEs stock has traded below $1 per share for the past 30 days. As a result, the company's common stock and each of its listed series of preferred stock are subject to suspension and delisting.
The GSE has until Dec. 2 to provide the NYSE with a plan explaining how it will cure the deficiency. Freddie reported the NYSE warning in a filing with the Securities and Exchange Commission.
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If the company provides the stock exchange with the plan, it will have six months from November 17, 2008, subject to monitoring by the NYSE, to bring its common stock share price and average share price for 30 consecutive trading days above $1.
Freddie said in a news release that it is working with its conservator, the Federal Housing Finance Agency, to explore options relating to this deficiency and has not yet determined its response or any specific action that it will take as a result of the exchange's notice.
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