Comstock Homebuilding Regains Compliance With Nasdaq Closing Bid-Price Requirement
October 01 2009 - 3:59PM
Marketwired
Comstock Homebuilding Companies, Inc. (NASDAQ: CHCI) ("Comstock" or
the "Company") today announced that it has received notification
from the Nasdaq Listing Qualifications Hearing Panel that it has
regained compliance with the $1.00 Minimum Bid-Price Requirement
after its shares achieved a closing bid-price exceeding $1.00 for
10 consecutive days on September 30, 2009.
The Company has now regained compliance with two of the three
continued listing requirements. As previously announced, on
September 3, 2009, the Company regained compliance with the Market
Value of Publicly Held Shares after its shares closed above $0.57
for ten consecutive trading days resulting in the Company's market
value of publicly held shares exceeding the minimum listing
requirement of $5.0 million.
The Company has not yet regained compliance with the minimum
shareholders' equity listing requirement ("Minimum Equity
Requirement") of $10 million applicable to the Nasdaq Capital
Market. However, on September 23, 2009 the Company appeared before
a Nasdaq Listing Qualifications Panel (the "Panel") to request a
transfer from the Nasdaq Global Market to the Nasdaq Capital Market
which has a Minimum Equity Requirement of $2.5 million. The
Company's listing has been continued pending a written decision by
the Panel on the Company's request for transfer.
"We continue to work diligently to stabilize Comstock
Homebuilding," said Christopher Clemente, Comstock's Chairman and
Chief Executive Officer. "We look forward to the panel's decision
regarding our requested transfer to Nasdaq Capital Markets and
believe we will achieve compliance with all listing requirements in
the near future."
About Comstock Homebuilding Companies, Inc.
Established in 1985, Comstock Homebuilding Companies, Inc. is a
publicly traded, diversified real estate development firm with a
focus on a variety of for-sale residential products. The company
currently actively markets its products under the Comstock Homes
brand in the Washington, D.C. and Raleigh, N.C. 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 31, 2009. 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: Jeff Dauer 703.883.1700
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