Orleans Homebuilders Inc. got word from NYSE Amex exchange that the company’s shares will be delisted since it’s not in compliance with certain continued listing criteria. The Bensalem homebuilder said that it received the letter from the exchange on Dec. 1.
Orleans (AMEX:OHB), like just about all homebuilders, has been struggling during the last four years as the housing boom went bust. The company failed to file its annual report in a timely manner for its fiscal year that ended June 30, which is a violation of the listing criteria. The company did submit a plan on Nov. 16 letting Amex know what it intended to do to bring the company back into compliance by this coming Feb. 10. However, Orleans didn’t file its fiscal first-quarter report either, another violation of the listing criteria.
The company said it didn’t file the annual and quarterly report because it would have required unreasonable effort and expense. It might submit a new plan to the exchange by Dec. 15 and hopes to file both reports early next year. The company’s stock is trading at around $2 a share.
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