WASHINGTON & RESTON, Va.--(BUSINESS WIRE)--
Comstock Holding Companies, Inc. (NASDAQ:CHCI) today announced that
it has been notified by the Nasdaq Stock Market that it has regained
compliance with certain applicable Nasdaq Capital Market continued
listing standards.
The Nasdaq Listing Qualifications Department had previously notified
Comstock that it was not in compliance with the minimum $2.5 million
stockholders' equity requirement. On June 26, 2015, Comstock raised
through a private offering an aggregate amount of $2.5 million, bringing
its stockholders equity as reported on Form 10-Q for the period ended
June 30, 2015 to $3.5 million. As a result of this private placement, as
of June 30, 2015, total equity was above the $2.5 million minimum
stockholders' equity requirement for continued listing on the Nasdaq
Capital Market. Comstock was notified on October 7, 2015 by Nasdaq that
the Company was in compliance with its rule and the matter was thus
closed.
The Nasdaq Listing Qualifications Department had also previously
notified Comstock that it did not comply with the requirement to
maintain a minimum bid price of $1.00 for a period of 30 consecutive
business days. From September 28, 2015 to October 9, 2015, following a
reverse stock split authorized at the company's annual shareholder
meeting, the closing bid price of the Company's common stock was at
$1.00 per share or greater for ten consecutive business days. Comstock
was notified by Nasdaq on October 12, 2015 that it had regained
compliance and the matter was thus closed.
Chairman and Chief Executive Officer Christopher Clemente commented, "We
are pleased that, as anticipated, Comstock has regained compliance with
all Nasdaq listing standards. Continued listing on the Nasdaq benefits
our shareholders by making the company's stock more attractive to the
financial community. It also facilitates our continuing focus on
achieving the growth and scale Comstock needs to deliver positive
results."
About Comstock Holding Companies, Inc.
Comstock is a multi-faceted real estate development and services company
that builds a wide range of housing products under its Comstock Homes
brand through its wholly owned subsidiary, Comstock Homes of Washington,
LC, and provides a variety of capital markets advisory and real estate
asset related services through its wholly owned subsidiary, Comstock
Real Estate Services, LC. Comstock's extensive real estate development
experience positions Comstock Real Estate Services, LC to provide a
unique brand of experience based capital markets advisory and real
estate asset management services to clients nationwide. Comstock Holding
Companies, Inc. is a publicly traded company, trading on NASDAQ under
the symbol CHCI. For more information about Comstock, please visit: www.comstockhomes.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 include, but
are not limited to, statements that express the Company's intentions,
expectations, strategies, predictions and other statements related to
future activities, events or conditions. These statements are based on
current expectations and projections about the Company which are based
in part on assumptions made by management. Such assumptions 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, including the standards and policies of
NASDAQ, fluctuations in the Company's stock price, changes in the
Company's general financial and operating results, changes in the
capital markets and general economic conditions. 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. Comstock
specifically disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future developments or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151013006809/en/
Company:
Comstock Holding Companies, Inc.
Joe Squeri,
703-230-1229
Chief Financial Officer
or
Investor
Relations:
LHA
Harriet Fried, 212-838-3777
hfried@lhai.com
Source: Comstock Holding Companies, Inc.
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