Wall Street Journal (06/03/08) P. C12
Thornburg Mortgage Inc., which is now planning a reverse stock split, has delayed the release of its quarterly financial report. The residential finance concern, which was battered by the ongoing credit squeeze, says it needs until at least June 12 before it releases quarterly results and files the report with regulators. Thornburg plans to implement a reverse stock split to regain listing compliance with the New York Stock Exchange after its share price was less than $1 for 30 consecutive trading days. Thornburg does not require shareholder approval for the reverse stock split to proceed.
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