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Wednesday, Aug 7
Armour Residential receives non-compliance letter from NYSE
- The resignation of Jordan Zimmerman from Armour's (ARR) board makes the company deficient in meeting Section 303A.01 of the NYSE Listed Company Manual which requires a majority of independent directors on the board of directors.
- Armour notes Zimmerman's resignation - effective August 2 - was not the result of any disagreement with the company.
- If Armour is not able to cure the deficiency by August 12, it will be deemed non-compliant and a below compliance ("BC") indicator will be attached as an extension to the company's stock symbol.
- The board is in the process of finding an independent candidate to fill the vacancy left by Zimmerman. (PR)