In accordance with Marketplace Rule 4450(e)(1), the Company has 90
calendar days, or until November 4, 2008, to regain compliance. The
notice states that if, at any time before November 4, 2008, the MVPHS
of the Company's common stock is $5,000,000 for a minimum of 10
consecutive trading days, NASDAQ staff will provide written
notification that the Company has achieved compliance with the MVPHS
requirement. No assurance can be given that the Company will regain
compliance during that period.
If the Company does not regain compliance with the minimum MVPHS by
November 4, 2008, NASDAQ staff will provide the Company with written
notification that its securities will be delisted. At that time, the
Company may appeal the delisting determination to a Listings
Qualifications Panel. Alternatively, the Company may apply to transfer
its securities to the NASDAQ Capital Market if it satisfies the
requirements for initial inclusion set forth in Marketplace Rule
4310©.
The Company has not determined what action, if any, it will take in
response to this notice. The Company is currently scheduled to have
a hearing on September 4, 2008 in front of the NASDAQ Listing
Qualifications Panel with respect to its previously disclosed
bid-price deficiency.
About Comstock Homebuilding Companies, Inc.
Established in 1985, Comstock Homebuilding Companies, Inc. is a
publically traded, diversified real estate development firm with a
focus on affordably priced for-sale residential products. Comstock
builds and markets single-family homes, townhouses, mid-rise
condominiums, high-rise condominiums, mixed-use urban communities and
active adult communities. The company currently markets its products
under the Comstock Homes brand in the Washington, D.C.; Raleigh,
North Carolina; and Atlanta, Georgia metropolitan areas. Comstock
Homebuilding Companies Inc. trades on Nasdaq under the symbol CHCI.
For more information on the Company or it projects please visit
www.comstockhomebuilding.com.
SOURCE: Comstock Homebuilding Companies, Inc.