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Sunday, September 22, 2019

Share fall could see Fortress delist


Date: Tuesday, January 6, 2009
Author: Gwen Robinson, FTalphaville.ft.com

Shares in Fortress Investment Group, the US first private equity and hedge fund firm to list nearly two years ago, rose Monday amid speculation that the group may opt to go private once more. Shares in Fortress, which fell below $1 on Friday, closed at $1.90 on heavy volume Monday. With Fortressís market cap at about $770m, it is possible that Wes Edens and other Fortress founders may take their company private once more - but with banks reluctant to lend, they would most likely have to use their own money. Other alternative firms listed in New York, meanwhile, may be forced to delist if they violate rules such as the requirement they do not trade below $1 for 30 consecutive trading days.