If you were reading the ThinkGlink blog on November 21, you probably saw that the New York Stock Exchange had given Freddie Mac a warning because its share price dropped below $1.
Today, on the exact deadline date of Dec. 2, Freddie Mac notified NYSE that it plans to meet NYSE’s listing requirements.
Freddie Mac plans to keep its share price at $1 for 30 consecutive days by May 18, 2009.
The company announced that it’s still working with the Federal Housing Finance Agency to find a solution but among its choices is a reverse stock split – where it could combine multiple shares of stock into one. To figure out how many shares to combine, the company says it will consider the per share price just prior to the split and input from FHFA and Treasury.
And so the saga of this government-sponsored enterprise (GSE) goes on…
Dec. 2, 2008.