Nobility Homes, Inc. Receives NASDAQ Notice of Non-Compliance
June 28 2012 - 5:24PM
Nobility Homes, Inc. (Nasdaq:NOBH) announced today that on June 22,
2012, the Company received a letter from the staff of the Listing
Qualifications Department (the "Staff") of The NASDAQ Stock Market
LLC stating that the Company is not in compliance with NASDAQ
Listing Rule 5250(c)(1) because the Company did not timely file its
Form 10-Q report for the period ended May 5, 2012 (the "Form 10-Q")
with the Securities and Exchange Commission (the "SEC").
As previously disclosed, the Company announced on May 14, 2012
that the NASDAQ Listing Qualifications Panel (the "Panel") had
granted the Company's request for continued listing on The NASDAQ
Stock Market through September 14, 2012, so as to allow the Company
time to regain compliance with NASDAQ Listing Rule 5250(c)(1) (the
"filing requirement"). In response to notices of
non-compliance based on the fact that the Company is not in
compliance with the filing requirement because the Company could
not timely file its Form 10-Q reports for the period ended August
6, 2011 and February 4, 2012 and Form 10-K report for the year
ended November 5, 2011 with the SEC, the Company requested a
hearing before the Panel. Pursuant to the NASDAQ Listing
Rules, the September 14, 2012 deadline represents the maximum
amount of time that the Panel could grant.
In response to the Staff's June 22, 2012 letter, the Company is
informing the Panel that this additional delayed filing is due to
the Company continuing to value its guarantee obligations under the
Company's Finance Revenue Sharing Agreement with 21st Mortgage
Corporation for periods prior to the agreement's amendment on
October 25, 2011.
Forward-Looking Statements
Certain statements contained in this press release may be deemed
to be forward-looking under federal securities laws, and the
Company intends that such forward-looking statements be subject to
the safe harbor created thereby. Such forward-looking statements
include, but are not limited to statements regarding the Company's
ability to file its Form 10-Qs and Form 10-K within the deadline
provided by The NASDAQ Stock Market. The Company cautions that
these statements are qualified by important factors that could
cause actual results to differ materially from those reflected by
the forward-looking statements contained herein. Although the
Company believes that the expectations reflected in such
forward-looking statements are based on reasonable assumptions,
there are risks and uncertainties that may cause actual results to
differ materially from expectations.
CONTACT: Terry Trexler
352-732-5157 Ext 211
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