Comstock Homebuilding Companies, Inc. Receives Notice From NASDAQ
January 15 2008 - 4:30PM
Marketwired
RESTON, VA ("Comstock" or the "Company") today announced that it
received notice from The NASDAQ Stock Market ("NASDAQ") stating
that for 30 consecutive business days the Company's common stock
has closed below the minimum $1.00 per share requirement for
continued inclusion under Marketplace Rule 4450(a)(5). The notice
has no effect on the listing of the Company's securities at this
time, and its common stock will continue to trade on the NASDAQ
Global Market under the symbol "CHCI."
In accordance with Marketplace Rule 4450(e)(2), the Company has
180 calendar days, or until July 7, 2008, to regain compliance. The
notice states that if, at any time before July 7, 2008, the bid
price of the Company's common stock closes at $1.00 per share or
more for a minimum of 10 consecutive business days, NASDAQ staff
will provide written notification that the Company has achieved
compliance with the minimum bid price requirement. No assurance can
be given that the Company will regain compliance during that
period.
If the Company does not regain compliance with the minimum bid
price requirement by July 7, 2008, NASDAQ staff will provide the
Company with written notification that its securities will be
delisted. At that time, the Company may appeal the delisting
determination to a Listings Qualifications Panel. Alternatively,
the Company may apply to transfer its securities to the NASDAQ
Capital Market if it satisfies the requirements for initial
inclusion set forth in Marketplace Rule 4310(c), other than the
minimum bid price requirement of Marketplace Rule 4310(c)(4). In
the event of such a transfer, the Company will be afforded an
additional 180 calendar days to comply with the minimum bid price
requirement while listed on the NASDAQ Capital Market. No assurance
can be given that the Company will be eligible for the additional
180-day compliance period, or, if applicable, that it will regain
compliance during any additional compliance period.
The Company has not determined what action, if any, it will take
in response to this notice, although the Company intends to monitor
the closing bid price of its common stock between now and July 7,
2008, and to consider available options if its common stock does
not trade at a level likely to result in the Company regaining
compliance with the NASDAQ minimum closing bid price
requirement.
About Comstock Homebuilding Companies, Inc.
Established in 1985, Comstock Homebuilding Companies, Inc. is a
publically traded, diversified real estate development firm with a
focus on affordably priced for-sale residential products. Comstock
builds and markets single-family homes, townhouses, mid-rise
condominiums, high-rise condominiums, mixed-use urban communities
and active adult communities. The company currently markets its
products under the Comstock Homes brand in the Washington, D.C.;
Raleigh, North Carolina; and Atlanta, Georgia metropolitan areas.
Comstock Homebuilding Companies Inc. trades on Nasdaq under the
symbol CHCI. For more information on the Company or it projects
please visit www.comstockhomebuilding.com.
Cautionary Statement Regarding Forward-Looking Statements
This release contains "forward-looking" statements that are made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Statements that are predictive in
nature, that depend upon or refer to future events or conditions,
or that include words such as "may," "will," "expects," "projects,"
"anticipates," "estimates," "believes," "intends," "plans,"
"should," "seeks," and similar expressions, including statements
related to Comstock's expected future financial results and
anticipated growth in the Washington, D.C. housing market, are
forward-looking statements. Forward-looking statements involve
known and unknown risks and uncertainties that may cause actual
future results to differ materially from those projected or
contemplated in the forward-looking statements. These risks and
uncertainties include, but are not limited to, economic, market and
competitive conditions affecting Comstock and its operations and
products, risks and uncertainties relating to the market for real
estate generally and in the areas where Comstock has projects, the
availability and price of land suitable for development, materials
prices, labor costs, interest rates, Comstock's ability to service
its significant debt obligations, fluctuations in operating
results, anticipated growth strategies, continuing relationships
with affiliates, environmental factors, government regulations, the
impact of adverse weather conditions or natural disasters and acts
of war or terrorism. Additional information concerning these and
other important risks and uncertainties can be found under the
heading "Risk Factors" in the Company's most recent form 10-K, as
filed with the Securities and Exchange Commission on March 16,
2007. Comstock specifically disclaims any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future developments or otherwise.
Contact: Bruce Labovitz Email Contact 703.230.1131
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