Tarragon Corporation Receives "Subject to Delisting" Notification From NASDAQ
09 Gennaio 2008 - 3:24PM
Marketwired
NEW YORK, NY , a leading mixed-use developer with a focus on for
rent and for sale multifamily housing, today announced that it has
received a notice from The NASDAQ Stock Market LLC ("NASDAQ")
regarding the status of the Company's compliance with the NASDAQ
Marketplace Rules.
On December 27, 2007, the Company received written notice from
NASDAQ that it had demonstrated compliance with all applicable
Marketplace Rules. As previously announced, on August 13 and
November 13, 2007, the Company received Staff Determination Letters
due to its failure to timely file its Quarterly Reports on Form
10-Q for the quarters ended June 30 and September 30, 2007,
respectively, as required by Marketplace Rule 4310(c)(14). Both of
these reports were filed on December 21, 2007. The notice received
from NASDAQ on December 27, 2007 further confirmed the Company's
compliance with NASDAQ's filing requirements and that the Company's
common stock would continue to be listed on NASDAQ.
On January 4, 2008, as anticipated, the Company received a new
notice of noncompliance from the staff of NASDAQ, pursuant to
NASDAQ Marketplace Rule 4350(e) and (g), due to the Company's
failure to hold its 2007 Annual Meeting of Stockholders by December
31, 2007. This notice indicated that, due to such noncompliance,
the Company's common stock would be delisted from NASDAQ unless the
Company requested a hearing before the NASDAQ Listing
Qualifications Panel (the "Panel").
The Company will request a hearing before the Panel to review
the Staff Determination. The Company intends to request that NASDAQ
grant an exception to the Marketplace Rules to allow the Company to
solicit proxies and to convene its 2007 Annual Meeting of
Stockholders, at which time the Company expects that it will have
returned to full compliance with all applicable Marketplace Rules.
There can be no assurance that the Panel will grant the Company's
request for continued listing. Pending the issuance of a decision
by the Panel, the Company's common stock will continue to be listed
on NASDAQ.
About Tarragon Corporation
Tarragon Corporation is a leading developer of multifamily
housing for rent and for sale. Tarragon's operations are
concentrated in the Northeast, Florida, Texas and Tennessee. To
learn more about Tarragon Corporation, visit:
www.tarragoncorp.com.
Forward-looking Statements
Information in this press release includes "forward-looking
statements" made pursuant of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 that are based on
management's expectations, estimates, projections and assumptions.
Words such as "may," "expects," "anticipates," "intends,"
"estimates," and variations of these words and similar expressions
are intended to identify forward-looking statements. Actual results
and the timing of certain events could differ materially from those
projected or contemplated by these forward-looking statements due
to a number of factors, including conditions in the homebuilding
industry, the residential real estate and mortgage markets and the
capital and financial markets generally, general economic
conditions, interest rates and other risk factors outlined in
Tarragon's SEC reports, including its Annual Report on Form 10-K
for the year ended December 31, 2006 and any subsequently filed
Quarterly Reports on Form 10-Q. Tarragon assumes no responsibility
to update forward-looking information contained in this press
release.
TARR ? G
Contacts: Broadgate Consultants, LLC Alan H. Oshiki (212)
232-2222 Email Contact Tarragon Corporation William S. Friedman
(212) 949-5000 Email Contact
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