Hovnanian receives continued listing standard notice from NYSE
Hovnanian Enterprises announced that it received written notification from the New York Stock Exchange that Hovnanian is not in compliance with the continued listing standard set forth in Section 802.01B of the NYSE's Listed Company Manual because Hovnanian's average global market capitalization was less than $50M over a consecutive 30 trading-day period and its most recently reported stockholders' equity was also less than $50M. As set forth in the Notice, as of July 11, 2019, Hovnanian's 30 trading-day average global market capitalization was approximately $49.5M. In accordance with the NYSE rules, the company intends to notify the NYSE within 10 business days of receipt of the Notice that it intends to submit a plan within 45 days from receipt of the Notice advising the NYSE of definitive action the company has taken, or is taking, which would bring the company into conformity with the NYSE's continued listed standards within 18 months of receipt of the Notice. The NYSE will review the Plan and, within 45 days of its receipt, determine whether the company has made a reasonable demonstration of an ability to come into conformity with Section 802.01B in the 18-month cure period. If the NYSE accepts the Plan, Hovnanian's Class A common stock will continue to be listed and traded on the NYSE during the 18-month cure period, subject to the company's compliance with other continued listing standards, and the company will be subject to quarterly monitoring by the NYSE for compliance with the Plan.