- Ocwen Financial (NYSE:OCN) receives notification from the New York Stock Exchange that its average share price was below the NYSE's minimum average share price rule.
- OCN falls 2.8% in after-hours trading.
- The notice doesn't conflict with or cause an event of default under any of its material debt agreements.
- Ocwen has six months to regain compliance with the price condition.
- The company has previously said it's considering implementing a reverse stock split, which may potentially increase the stock price and enable Ocwen to regain compliance.
- It intends to request shareholder approval of the reverse stock split, on an advisory basis, at the company's annual meeting scheduled for May 27, 2020.