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Thornburg Mortgage Announces NYSE Trading Suspension Due to Non-Compliance with Minimum Price Standard

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  Published in Business and Finance on Wednesday, December 3rd 2008 at 6:50 GMT by Market Wire
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SANTA FE, N.M.--([ BUSINESS WIRE ])--Thornburg Mortgage, Inc. (NYSE:TMA), today announced that on December 1, 2008, the company was notified by the NYSE Regulation, Inc. ("NYSER") that the NYSER has determined that the company's common stock should be suspended from trading prior to market opening on Friday, December 5, 2008. The company's common stock price had fallen below the New York Stock Exchange's ("NYSE") continued listing standard by having an average closing price of less than $1.00 over a consecutive 30-trading day period in May, 2008 and the company failed to cure this non-compliance within the required six-month period. In addition, the company's common stock price was under $1.00 at the end of the six-month period.

The NYSE will initiate the process of delisting the company's common stock, subject to the completion of applicable procedures, including the company's right to request a review by a committee of the Board of Directors of the NYSER.

The company currently does not plan to appeal the ruling however it may make the decision to so within 10 business days after receiving the NYSER notice on December 1, 2008. The company expects that its common stock will be quoted on the OTC Bulletin Board and/or the Pink Sheets following suspension from the NYSE.

The delisting from the NYSE does not constitute a default under the company's lending arrangements and will not change the company's filing of periodic and other reports with the Securities and Exchange Commission under applicable federal securities laws.

Thornburg Mortgage is a leading single-family residential mortgage lender focused principally on prime and super-prime borrowers seeking jumbo and super-jumbo adjustable-rate mortgages.