Comstock Homebuilding Companies, Inc. Receives Delisting Notice From NASDAQ
August 11 2008 - 5:55PM
Marketwired
Comstock Homebuilding Companies, Inc. (NASDAQ: CHCI) ("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 had not maintained a
minimum market value of publicly held shares ("MVPHS") of
$5,000,000 as requirement for continued inclusion under Marketplace
Rule 4450(a)(2). 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)(1), the Company has
90 calendar days, or until November 4, 2008, to regain compliance.
The notice states that if, at any time before November 4, 2008, the
MVPHS of the Company's common stock is $5,000,000 for a minimum of
10 consecutive trading days, NASDAQ staff will provide written
notification that the Company has achieved compliance with the
MVPHS 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 MVPHS
by November 4, 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).
The Company has not determined what action, if any, it will take
in response to this notice. The Company is currently scheduled to
have a hearing on September 4, 2008 in front of the NASDAQ Listing
Qualifications Panel with respect to its previously disclosed
bid-price deficiency.
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.
Contact: Bruce Labovitz Email Contact 703.230.1131
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