This is the largest NPL ($224mm) in iStar's portfolio. Looks like it will be sold for full par value. We are not out of the woods, but this is very good news.
To get listed on NYSE, a company requires a minimum market cap of $100 million.
However, to stay on the exchange, minimum market cap of $25 million is required. The company gets 30 days to get back to the minimum in case it falls below.
There is another $75 million mimimum market cap requirement, but a company has 18 months to cure it.
You are right that a reverse split would help it to keep satisfy $1.05 minimum bid price requirement. A company has 6 months to cure this.
Got a link for that. NASDAQ at least of as last month has removed around 20 stocks last month if I remember correctly. Just did a quick search and the only thing I can find on suspension of delisting rules is on a couple of stock yahoo boards. Looks like scam rumor to me. But, if you have any hard evidence, would like to see it. Otherwise, suspect you may have merely believed a scam.
How have you made it past my list? Reverse splits are for stocks significantly below a buck and staying there, which duh, SFI seems to have extreme difficulty in breaking a buck, let alone staying below it. Congrats, you just made the list.