Altisource Asset Management Corporation Announces Receipt

CHRISTIANSTED, U.S. Virgin Islands, June 03, 2022 (GLOBE NEWSWIRE) — Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE American: AAMC) today announced that it has received a deficiency letter (the “Letter ) of NYSE American LLC (the “NYSE”) stating that the company is not in compliance with the NYSE’s Continuous Listing Standard as set forth in Section 1003(a)(i), (ii) and ( (iii) NYSE Company Guide. The Letter does not result in the immediate delisting of the Company’s common stock from the NYSE market.

In accordance with the NYSE Company Guide and as contemplated in the Letter, the Company may provide NYSE Staff with a plan (the “Plan”) by June 30, 2022 advising NYSE Staff of any action the Company has taken and plans to taking this will bring the Company into compliance with the NYSE Continuing Listing Standards within 18 months of receipt of the letter (i.e. November 30, 2023). The Company intends to submit a Plan by the deadline of June 30, 2022.

There can be no assurance that NYSE personnel will accept the Plan. If NYSE staff accepts the plan, NYSE staff will review the company’s compliance with the plan on a quarterly basis and whether the company is not showing progress consistent with the plan or is not in compliance with listing standards continues from the NYSE by November 30, 2023, the NYSE will commence delisting proceedings. If the Company does not submit the Plan or if NYSE staff does not accept the Plan, NYSE staff will initiate disbarment proceedings.

The Company’s common stock will continue to be listed and traded on the NYSE during this period, subject to the Company’s compliance with the NYSE’s other continuous listing standards.

The company’s receipt of the letter does not affect the company’s business, operations or reporting requirements with the Securities and Exchange Commission.

About the AAMC

AAMC is an alternative lending company that provides liquidity and capital to underserved markets. We also continue to evaluate opportunities that could potentially be of long-term benefit to shareholders, such as our Crypto-ATMs.

Additional information is available at www.altisourceamc.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding beliefs, estimates, projections, management’s expectations and assumptions. with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies as well as industry and market conditions and its ability to maintain its listing on the NYSE. These statements can be identified by words such as “anticipate”, “intend”, “expect”, “may”, “could”, “should”, “should”, “plan”, ” estimate”, “target”, “seek”, “believe” and other expressions or words of similar meaning. We caution that forward-looking statements are qualified by the existence of certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from these forward-looking statements may include, without limitation, the NYSE’s refusal to accept the plan, our ability to execute the plan, our ability to maintain compliance with the NYSE’s continued listing standards, our ability to grow our businesses and make them successful or sustain the performance of those businesses; and other risks and uncertainties detailed in the “Risk Factors” and other sections described from time to time in the Company’s current and future filings with the Securities and Exchange Commission. The foregoing list of factors should not be considered exhaustive.

The statements made in this press release speak only as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, whether as a result of new information, future events or otherwise.


        

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