How will the dual listing be reflected in the company's financial reporting and disclosures?

Impact on reporting and disclosures

Finance of America’s dual‑listing means that all SEC‑mandated filings (10‑Ks, 10‑Qs, 8‑Ks, proxy statements, etc.) will still be made to the SEC, but the company must now disclose that its shares are also quoted on NY SE Texas under the same “FOO” ticker. The footnotes in the “Market Information” section of each filing will list both exchange venues, the respective CUSIP numbers and the fact that the primary listing remains on the NY SE. Any material events—e.g., a halt, a change in trading rules, or a significant price‑dislocation on NY SE Texas—must be reported to both exchanges and reflected in the “Regulation FD” disclosures, so investors receive a unified view of where the stock trades.

Trading implications

From a market‑structure perspective, the second electronic venue will add depth and likely tighten the bid‑ask spread for FOA. Expect a modest boost in daily volume as institutional and retail participants route orders to the exchange that offers the best execution. Because the ticker and corporate identity are identical, price‑convergence between the two books should be rapid; any temporary divergence creates a short‑term arbitrage opportunity for high‑frequency traders. For a longer‑term position, monitor the “Liquidity” footnote in quarterly reports—higher combined float can improve price resilience, but also means the stock may react more quickly to macro‑driven news. In practice, keep an eye on the “Trade‑through” and “Best‑price” data feeds from both NY SE and NY SE Texas; a sustained shift in volume to the Texas venue could signal where the market’s true price discovery is occurring.