Thornburg now trades as ‘THMR’ on OTC
New Mexico Business Weekly
Thornburg Mortgage Inc.’s common stock started trading on the Over-the-Counter (“OTC”) Pink Sheets market under the ticker symbol “THMR” as of 9:30 a.m. EST on Friday. Shares opened at 18 cents and traded between 17 cents and 22 cents, finishing the day at 19 cents per share.
As noted earlier this week , the move to OTC trading for the common stock was the result of the firm’s inability to meet the New York Stock Exchange’s continued listing standard regarding an absolute and average closing price of at least $1.00 per share. Additionally, as result of the November 19th completion of the Exchange Offer and Consent Solicitation, Thornburg’s preferred stock no longer meets the New York Stock Exchange’s continued listing criteria and trading in all series of preferred stock was previously suspended on November 20. The remaining shares of preferred stock not tendered may trade on the OTC Pink Sheet under the tickers THMRM, THMRN, THMRO and THMRP.
The Santa Fe mortgage company says the new quotation is intended to maintain its market exposure and provide trading visibility and liquidity for its shares within the financial community. Pink Sheets’ quotation service is a secondary trading market, not a securities exchange.
The Pink Sheets listing also allows investors to hold their shares and settle their trades through the U.S. settlement systems, like any other U.S. stock, says a prepared statement from Thornburg.
Thornburg Mortgage’s move to OTC trading does not constitute a default under its lending arrangements or its outstanding debt securities and reportedly will not affect its obligation to file periodic and other reports with the U.S. Securities and Exchange Commission under Section 12(g) of the Securities Exchange Act of 1934, as amended, or pursuant to covenants in the indentures underlying its debt securities.
Investors can find real-time quotes, disclosure and financial information about Thornburg Mortgage, a leading single-family residential mortgage lender focused principally on prime and super-prime borrowers seeking jumbo and super-jumbo adjustable-rate mortgages, at www.pinksheets.com and at www.thornburgmortgage.com.
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