I agree - that companies need to satisfy both conditions. So if and when F falls below $1, it will run the risk of NYSE delisting. The same risk applies to FRE / FNM / AIG, however the first two have announced intentions to do reverse splits.
Quote from Landis82:
It's BOTH.
The share price needs to trade above $1.00 per share AND the company needs to have a market-cap above $15 million for 30 consecutive days for NYSE companies.
