NASDAQ Approves Comstock's Request for Continued Listing and Transfer to NASDAQ Capital Market
November 20 2009 - 4:30PM
Marketwired
Comstock Homebuilding Companies, Inc. (NASDAQ: CHCI) ("Comstock" or
the "Company") today announced that on November 16, 2009, Comstock
received notice that the NASDAQ Listing Qualifications Panel has
granted the Company's request to transfer the listing of its common
stock from The NASDAQ Global Market to The NASDAQ Capital Market,
effective with the open of business on Wednesday, November 18,
2009.
As previously announced, on August 24, 2009, the Company
received notice that it no longer satisfied the $10 million
stockholders' equity requirement for continued listing on The
NASDAQ Global Market. At a hearing before the Listing
Qualifications Panel on September 23, 2009, the Company requested
the transfer of its listing to The NASDAQ Capital Market pursuant
to an exception. The NASDAQ Capital Market stockholders' equity
requirement is $2.5 million. On November 13, 2009, the Company
filed its Quarterly Report on Form 10-Q for the period ended
September 30, 2009 evidencing stockholders' equity in excess of the
minimum $2.5 million threshold. Pursuant to the Panel's recent
decision, the Company's continued listing on the Capital Market is
subject to, among other things, the Company evidencing continued
compliance with the $2.5 million stockholders' equity requirement.
The Company is awaiting acknowledgement from NASDAQ that it has
satisfied the $2.5 million stockholders' equity requirement for
continued listing on The NASDAQ Capital Market.
Separately, as announced on November 13, 2009, the Company
received notice from NASDAQ that it does not satisfy the $1.00
minimum bid price requirement for continued listing on NASDAQ. The
Company has until May 11, 2010 to regain compliance with the
minimum bid price requirement.
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. metropolitan area and the Raleigh, NC
market. 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
Comstock Holding Companies (NASDAQ:CHCI)
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