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Altisource Asset Management Corp (AAMC) is a publicly traded asset management company primarily focused on providing asset management and corporate governance services to institutional investors. Headquartered in the U.S. Virgin Islands, AAMC operates through its subsidiaries in the continental United States, Cayman Islands, Luxembourg, and India.
The company’s core business revolves around managing investment vehicles that own real estate-related assets. AAMC’s primary client, Front Yard Residential Corporation (RESI), is a real estate investment trust that acquires and manages affordable single-family rental homes across the United States.
AAMC also created the Alternative Lending Group (ALG), which focuses on generating private credit loans through Direct to Borrower Lending, Wholesale Originations, and Correspondent Loan Acquisitions. This segment is vital for the company, diversifying its portfolio and providing liquidity to underserved markets.
In addition to its real estate focus, AAMC has ventured into the development and licensing of a control system aimed at increasing the efficiency of electric vehicles. In partnership with Seabird Technologies Limited, AAMC is advancing Project Alpha, which seeks to enhance EV performance with optimized control systems.
Financially, AAMC has reported significant revenues from loan interest and fee income, though it continues to face challenges reflected in net losses. Recent developments include successful litigation outcomes and restructuring efforts to streamline operations, reduce costs, and enhance liquidity. The company's strategic initiatives, including a focus on capital light operations and new ventures, aim to drive future growth and shareholder value.
AAMC remains committed to exemplary environmental, social, and governance principles, ensuring that its operations align with broader corporate responsibility values.
Altisource Asset Management (NYSE American: AAMC) has announced its intention to voluntarily delist from the NYSE American and deregister its common stock. This decision comes after receiving a notification of non-compliance with NYSE American's continued listing standards. The company cites expected cost savings and its current inability to realize the benefits of public company status as reasons for this move.
AAMC plans to file a Form 25 with the SEC on or about September 6, 2024, with the delisting expected to take effect around September 16, 2024. Subsequently, the company intends to file a Form 15 to deregister its common stock and suspend its reporting obligations. This will result in the termination of AAMC's requirement to file various SEC reports, including 10-K, 10-Q, and 8-K forms.
On May 31, 2024, Altisource Asset Management (AAMC) received a notification letter from NYSE American indicating non-compliance with listing standards due to stockholders' equity as of March 31, 2024, and consecutive fiscal year losses ending December 31, 2023. To avoid delisting, AAMC must submit a compliance plan by June 30, 2024, demonstrating how it will meet the standards by December 1, 2024. If accepted, AAMC will continue listing subject to periodic review. Failure to submit or adhere to an accepted plan may result in delisting. Currently, AAMC's stock remains listed but marked as below compliance.
Altisource Asset Management (AAMC) has provided a shareholder letter updating on the Alpha Control System project. AAMC is working on reducing operating expenditures below $2.5 million annually and aims to minimize balance sheet risks. The Alpha Control System, developed with UK partner Seabird , is in the commercialization phase. Key progress includes the selection of motors which could enhance delivery trucks' efficiency by 16-24% and an ongoing preparation of a demonstrator vehicle for testing. Commercial presentations are being refined, with a sales timeline of 9-18 months anticipated. Note that full integration into production could take several years.
Altisource Asset Management (AAMC) releases a progress report for May 2024 on Project Alpha, Phase II, related to a Patent and Technology Licensing Agreement. The report includes redacted elements to protect proprietary information and claims for patent extension.
Altisource Asset Management (AAMC) has released a progress report for April 2024 regarding Project Alpha, Phase II, under a licensing agreement with Seabird Technologies The report includes redacted details to protect proprietary information and extends patents claims.
Altisource Asset Management (AAMC) shares the progress report for March 2024 on Project Alpha, Phase II. The report is related to a Non-Exclusive Patent and Technology Licensing Agreement with System73 Read about the latest developments here.
Altisource Asset Management (AAMC) has shared a progress report on Project Alpha, Phase II, until January 2024. The report details advancements related to a licensing agreement with Seabird Technologies and System73
Altisource Asset Management (AAMC) has released progress reports for Project Alpha, Phase II, through March 2024. The reports cover January, February, and March 2024 regarding the Non-Exclusive Patent and Technology Licensing Agreement between AAMC and System73
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