Newcastle Investment Corp. Receives Continued Listing Notice from the NYSE
NEW YORK, Jan. 30 /PRNewswire-FirstCall/ -- Newcastle Investment Corp. (NYSE: NCT) (the "Company") announced today that on January 26, 2009, it received a notification from the New York Stock Exchange (the "NYSE") that the Company was not in compliance with one of the NYSE's continued listing standards, which requires that the average closing price of the Company's common shares equal at least $1.00 per share over a 30 consecutive trading-day period.
Under NYSE rules, the Company has a period of six months to bring its average common share price above $1.00 per share in order to avoid the delisting of its common shares. The Company's common stock will continue to be listed on the NYSE during this interim period, subject to compliance with other NYSE requirements and the NYSE's right to reevaluate continued listing determinations. In accordance with the NYSE's rules, in order to maintain the listing of its common shares, the Company will notify the NYSE within 10 business days of receipt of the non-compliance notice, of its intent to cure this deficiency.
The non-compliance notice pertains only to the Company's common shares and does not pertain to any series of the Company's preferred shares, which remain listed on the NYSE.
Note Regarding Forward-Looking Statements:
Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Newcastle can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Newcastle's expectations include, but are not limited to, the Company's ability to achieve and maintain a share price and average price above $1.00 per share of its common stock at the expiration of the six-month period; commencement by the NYSE of suspension and delisting procedures for failure to implement successfully a plan to correct non compliance with the NYSE listing standards; even if such minimum price is achieved and maintained, the Company's ability to continue to satisfy the NYSE's other qualitative and quantitative listing standards for continued listing; and the NYSE's right to take more immediate listing action in the event that the stock trades at levels that are viewed as "abnormally low" on a sustained basis or based on other qualitative factors. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. Such forward-looking statements speak only as of the date of this press release. Newcastle expressly disclaims any obligation, subject to applicable law, to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
About Newcastle
Newcastle Investment Corp. invests in real estate debt and other real estate related assets. Newcastle is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes. Newcastle is managed by an affiliate of Fortress Investment Group LLC, a global alternative asset manager with approximately $34.3 billion in assets under management as of September 30, 2008. For more information regarding Newcastle Investment Corp. or to be added to our e-mail distribution list, please visit www.newcastleinv.com.
SOURCE Newcastle Investment Corp.
Released January 30, 2009