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Ocwen Financial's share price sinks below NYSE listing standard

Apr. 13, 2020 4:36 PM ETOcwen Financial Corporation (OCN) StockOCNBy: Liz Kiesche, SA News Editor7 Comments
  • 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.

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