ARMOUR Residential REIT, Inc. Receives Non-Compliance Letter From the New York
Stock Exchange and the NYSE MKT LLC
VERO BEACH, Fla., Aug. 7, 2013 (GLOBE NEWSWIRE) -- ARMOUR Residential REIT,
Inc. (NYSE: ARR, ARR PrA and ARR PrB) (NYSE MKT: ARR.WS) ("ARMOUR" or the
"Company") today announced that, on August 5, 2013, the Company received a
letter from the New York Stock Exchange ("NYSE") notifying the Company that it
is deficient in meeting Section 303A.01 of the NYSE Listed Company Manual,
which requires a majority of independent directors on the board of directors.
The Company is deficient in meeting this standard as a result of Jordan
Zimmerman's resignation as a director of the Company, effective August 2,
2013. Mr. Zimmerman had no disagreements with the Company on any matter
relating to the Company's operations, policies or practices. If the Company is
not able to cure this deficiency by August 12, 2013, it will be deemed
non-compliant and a below compliance ("BC") indicator will be disseminated as
an extension of the Company's trading symbols on August 14, 2013.The
Company's common stock and preferred stock are traded on the NYSE.
Also, on August 6, 2013, the NYSE MKT LLC (the "NYSE MKT") issued a warning
letter (the "Letter") to the Company notifying the Company that it is not in
compliance with certain of the NYSE MKT's continued listing standards as set
forth in the NYSE MKT Company Guide (the "Company Guide"). Specifically, as a
result of the resignation of one of the Company's independent directors, Mr.
Zimmerman, the Company is not in compliance with Section 802(a) of the Company
Guide in that a majority of the directors on its board of directors are not
independent.The Company's warrants are traded on the NYSE MKT.
According to Section 802(b) of the Company Guide, and as set forth in the
Letter, the Company will have until the earlier of its next annual
stockholders' meeting or one year from the occurrence of the event that caused
the failure to comply with Section 802(a) of the Company Guide to regain
The Letter provides that such letter constitutes a warning issued to the
Company pursuant to Section 1009(a)(i) of the Company Guide and notice of
failure to satisfy a continued listing standard.A below compliance ("BC")
indicator will be disseminated as an extension of the Company's trading
The Nominating and Corporate Governance Committee of the Company is in the
process of identifying, evaluating and recommending independent candidates to
fill the vacancy on the Board of Directors caused by Mr. Zimmerman's
About ARMOUR Residential REIT, Inc.
ARMOUR is a Maryland corporation that invests primarily in hybrid adjustable
rate, adjustable rate and fixed rate residential mortgage-backed securities
issued or guaranteed by U.S. Government-sponsored entities. ARMOUR is
externally managed and advised by ARMOUR Residential Management LLC. ARMOUR
Residential REIT, Inc. has elected to be taxed as a real estate investment
trust for U.S. federal income tax purposes, commencing with ARMOUR's taxable
year ended December 31, 2009.
This press release includes "forward-looking statements" within the meaning of
the safe harbor provisions of the United States Private Securities Litigation
Reform Act of 1995. Actual results may differ from expectations, estimates and
projections and, consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as "expect,"
"estimate," "project," "budget," "forecast," "anticipate," "intend," "plan,"
"may," "will," "could," "should," "believes," "predicts," "potential,"
"continue," and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements involve
significant risks and uncertainties that could cause the actual results to
differ materially from the expected results.
Additional Information and Where to Find It
Investors, security holders and other interested persons may find additional
information regarding the Company at the SEC's Internet site at
http://www.sec.gov/, or the Company website www.armourreit.com or by directing
requests to: ARMOUR Residential REIT, Inc., 3001 Ocean Drive, Suite 201, Vero
Beach, Florida 32963, Attention: Investor Relations.
CONTACT: Investor Contact:
James R. Mountain
Chief Financial Officer
ARMOUR Residential REIT, Inc.
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