Comstock Homebuilding Companies, Inc. Requests an Appeal Hearing After Receiving Notice of Delisting From NASDAQ
July 15 2008 - 4:15PM
Marketwired
RESTON, VA ("Comstock" or the "Company") today announced that on
July 9, 2008 it received notice ("Notice") from The Nasdaq Stock
Market ("NASDAQ") that its stock was to be delisted from the NASDAQ
Global Market as a result of the Company having not regained
compliance with Marketplace Rule 4450(a)(5). Pursuant to the Nasdaq
Marketplace Rule 4800 Series, the Company has requested a hearing
to appeal the NASDAQ determination to a Listings Qualifications
Panel ("Panel"). A hearing request by the Company automatically
postpones the delisting of the Company's securities. Panels have
generally viewed a reverse stock split as the only definitive plan
acceptable to resolve a bid price deficiency but recently, however,
the authority of the Panel to grant additional time to companies
was modified so that a Panel could allow up to 180 calendar days
from the date of the Notice for companies to undertake various
other actions to regain compliance. The Company was first advised
of its non-compliance on January 9, 2008. In accordance with
Marketplace Rule 4450(e)(2) the Company was given 180 calendar
days, or until July 7, 2008, to regain compliance.
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. 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. 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 24, 2008. 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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