SOURCE: Gerova Financial Group, Ltd.

April 28, 2011 20:44 ET

Gerova Updates Prior Announcement on Delisting

HAMILTON, BERMUDA--(Marketwire - Apr 28, 2011) - Gerova Financial Group, Ltd. ("Gerova") (NYSE: GFC) updated its prior announcement and notice to the New York Stock Exchange ("NYSE") today concerning its intention to file a Form 25 with the Securities and Exchange Commission (the "SEC") in order to voluntarily delist from trading on the NYSE of its common stock, warrants and units (the "Securities") and to deregister its Securities under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

As noted previously, in February 2011, the NYSE implemented a trading halt in the Securities pending the disclosure of additional information relative to Gerova's operations, management restructuring and business plans, and the staff of the NYSE had been evaluating the suitability for continued listing of the Company's Securities on the NYSE. The Company had continuing discussions with the staff during which, the NYSE informed the Company that it did not believe that the Company met the qualitative standards for continued listing and that it was contemplating delisting proceedings. After evaluating the circumstances, including the Board's determination that the Company no longer meets the qualitative standards for continued listing on the NYSE and the prospect of delisting proceedings, the Company's Board of Directors determined that it was in the best interest of the Company to voluntarily discontinue the NYSE listing of the Securities. The Company has not made any arrangements at this time for listing or quotation of its Securities on a national securities exchange or a quotation medium.

The Company intends to file a Form 25 "Notification of Removal from Listing" with the SEC voluntarily terminating the registration of its Securities under Section 12(b) of the Exchange Act. The removal of the Securities from listing on the NYSE will be effective 10 days after filing the Form 25.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of the management of the Company, are subject to risks and uncertainties, which could cause events to differ from the forward-looking statements.

Contact Information

  • Contact:
    Gerova Financial Group, Ltd.
    441-296-7777