WALNUT CREEK, Calif.,
Aug. 19, 2011 /PRNewswire/ -- The PMI
Group, Inc. (NYSE: PMI) (the "Company") today announced that the
New York Stock Exchange (the "NYSE") has notified the Company that
the Company has fallen below the NYSE's continued listing standard
that requires a minimum average closing price of $1.00 per share over 30 consecutive trading
days.
Under NYSE rules, the Company has six months from receipt of the
notice to regain compliance with the minimum share price
requirement or until the Company's next annual meeting of
stockholders, if stockholder approval is required, to cure the
deficiency. Subject to compliance with the NYSE's other
listing requirements during the cure period, the Company's common
stock will continue to be listed and trade on the NYSE.
The Company can regain compliance at any time during the
six-month cure period if on the last trading day of any calendar
month during the cure period the Company has a closing share price
of at least $1.00 and an average
closing share price of at least $1.00
over the 30 trading-day period ending on the last trading day of
that month or on the last day of the cure period. If the
Company takes an action that will require approval of its
stockholders by its next annual meeting of stockholders, the
condition will be deemed cured if the price promptly exceeds
$1.00 per share, and the price
remains above the level for at least the following 30 trading days.
If the Company fails to regain compliance within the required
time period, the NYSE will commence suspension and delisting
procedures.
Under NYSE rules, the Company has ten business days following
receipt of the notice to respond to the NYSE and indicate its
intention to cure this deficiency or be subject to suspension and
delisting procedures. The Company has notified the NYSE,
within the required ten business-day period, that it will seek to
cure the deficiency.
The Company's business operations, Securities and Exchange
Commission reporting requirements and debt obligations are not
affected by the receipt of the NYSE notification.
ABOUT THE PMI GROUP, INC.
The PMI Group, Inc. (NYSE: PMI), headquartered in Walnut Creek, CA, provides innovative credit,
capital, and risk transfer solutions that expand homeownership
while supporting our customers and the communities they serve.
Through its wholly owned subsidiaries, PMI offers residential
mortgage insurance and credit enhancement products. For more
information: www.pmi-us.com.
Cautionary Statement: Statements in this press release that are
not historical facts, or that relate to future plans, events or
performance are "forward-looking" statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Readers are
cautioned that forward-looking statements by their nature involve
risk and uncertainty because they relate to events and depend on
circumstances that will occur in the future. Many factors could
cause actual results and developments to differ materially from
those expressed or implied by forward-looking statements. Such
risks and uncertainties are discussed in our SEC filings, including
in Item 1A of our Annual Report on Form 10-K for the year ended
December 31, 2010 and our Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2011 and June
30, 2011. We undertake no obligation to update
forward-looking statements.
SOURCE The PMI Group, Inc.