Legacy Housing Corporation Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q
August 12 2022 - 4:45PM
On August 11, 2022, Legacy Housing Corporation (the "Company,"
NASDAQ: LEGH) received a notice from The Nasdaq Stock Market LLC
("Nasdaq") stating that because the Company has not yet filed its
Quarterly Report on Form 10-Q for the period ended June 30, 2022
(the "Form 10-Q2") the Company remains in non-compliance with
Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all
required periodic financial reports with the Securities and
Exchange Commission. As announced on May 17, 2022, the Company had
previously received a notice from Nasdaq indicating that as a
result of not having timely filed its Quarterly Report on Form 10-Q
for the period ended March 31, 2022 (the "Form 10-Q1"), it was not
in compliance with Nasdaq Listing Rule 5250(c)(1). On May 31, 2022,
the Company submitted to Nasdaq a plan to regain compliance with
the Listing Rule 5250(c)(1) with respect to the Form 10-Q1 (the
“Plan”).
At the request of Nasdaq, the Company has until September 12,
2022 to submit to Nasdaq an update to the Plan to include progress
the Company has made on filing the Form 10-Q1 and the plan for
filing the Form 10-Q2. If the Company is unable to file the Form
10-Q1 and Form 10-Q2 by September 12, 2022, the Company intends to
submit such an update to the Plan to Nasdaq on or before the
deadline. The Company intends on filing the Form 10-Q1 and
Form 10-Q2 as soon as practicable in order to regain
compliance.
The notice has no immediate effect on the listing or trading of
the Company's common stock on the Nasdaq Global Market.
About Legacy Housing
Corporation
Legacy Housing Corporation builds, sells and
finances manufactured homes and "tiny houses" that are distributed
through a network of independent retailers and company-owned stores
and are sold directly to manufactured housing communities. We are
the sixth largest producer of manufactured homes in the United
States as ranked by number of homes manufactured based on the
information available from the Manufactured Housing Institute. With
current operations focused primarily in the southern United States,
we offer our customers an array of quality homes ranging in size
from approximately 390 to 2,667 square feet consisting of 1 to 5
bedrooms, with 1 to 3 1/2 bathrooms. Our homes range in price, at
retail, from approximately $22,000 to $140,000.
Forward Looking Statements
This press release may contain forward-looking
statements within the meaning of the Securities and Exchange Act of
1934 and the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to a number of risks
and uncertainties, many of which are beyond our control. As a
result, our actual results or performance may differ materially
from anticipated results or performance. Legacy Housing undertakes
no obligation to update any such forward-looking statements after
the date hereof, except as required by law. Investors should not
place any reliance on any such forward-looking statements.
Contact:Duncan Bates, Legacy Housing Corporation, (817)
799-4900duncanbates@legacyhousingcorp.com
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