Ambac is going to zero fast

from Bloomberg News:

Ambac Financial Group Inc., the world’s second-biggest bond insurer, stopped trading on the New York Stock Exchange in a “subpenny halt” after its share price fell as low as $1.04.

Ambac declined 3 cents, or 2.5 percent, to $1.15 in over- the-counter trading at 1:39 p.m. in New York. Ambac, which was stripped of all three of its AAA rankings from the largest credit-rating companies, has tumbled 99 percent in the past year.

The New York Stock Exchange issues a so-called “subpenny halt” when shares fall below $1.05 apiece. Trading on the exchange won’t resume until the shares stay above $1.10 for an entire day on another automated trading platform and the shares may be subject to a six-month probationary period if the average closing price drops below $1 over a six-month period.

A message left for Vandana Sharma, a spokeswoman for New York-based Ambac, wasn’t immediately returned.