Orleans Homebuilders (OHB) Announces Delisting from NYSE AMEX
Orleans Homebuilders, Inc. (AMEX: OHB) announced that on March 5, 2010 the Company received a written notice from NYSE Amex LLC stating that the Exchange intends to suspend trading in the Company's common stock, apply to the Securities and Exchange Commission (the "SEC") to delist the common stock and to truncate the procedures regarding continued listing evaluation and follow-up as specified in Section 1009 of the NYSE Amex LLC Company Guide (the "Company Guide").
In particular, the written notice from the Exchange stated that (i) as a result of the Company filing of a voluntary petition under Chapter 11 of the United States Bankruptcy Code on behalf of itself and a majority of its operating subsidiaries on March 1, 2010, the Staff has determined that the Company is financially impaired and, as such, is not in compliance with Section 1003(a)(iv) of the Company Guide in that is has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, and its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the Company will be able to continue its operations and meet is obligations as they mature; and (ii) the Company is not in compliance with Section 134 and Section 1101 of the Company Guide because the Company failed to timely file its Annual Report on Form 10-K for the fiscal year ended June 30, 2009 and its Quarterly Reports on Form 10-Q for the periods ended September 30, 2009 and December 31, 2009.
The Exchange also indicated that, based upon the foregoing, the Staff has concluded that it appears that it is appropriate to initiate immediate delisting proceedings at this time. The Company does not intend to appeal the Exchange's determination to delist the Company's common stock and to apply to the SEC to delist the Company's common stock. The written notice from the Exchange states that if the Company does not appeal the Staff Determination by March 12, 2010, the delisting determination will become final, the Exchange will suspend trading in the Company's common stock and will submit an application to the SEC to strike the Company's common stock from listing and regulation on the Exchange in accordance with Section 12 of the Securities Exchange Act of 1934, as amended, and rules promulgated thereunder. After the Company's common stock is delisted, the Company cannot predict whether any trading market, including any over-the-counter trading market, for the Company's common stock will develop or be sustained.
In particular, the written notice from the Exchange stated that (i) as a result of the Company filing of a voluntary petition under Chapter 11 of the United States Bankruptcy Code on behalf of itself and a majority of its operating subsidiaries on March 1, 2010, the Staff has determined that the Company is financially impaired and, as such, is not in compliance with Section 1003(a)(iv) of the Company Guide in that is has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, and its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the Company will be able to continue its operations and meet is obligations as they mature; and (ii) the Company is not in compliance with Section 134 and Section 1101 of the Company Guide because the Company failed to timely file its Annual Report on Form 10-K for the fiscal year ended June 30, 2009 and its Quarterly Reports on Form 10-Q for the periods ended September 30, 2009 and December 31, 2009.
The Exchange also indicated that, based upon the foregoing, the Staff has concluded that it appears that it is appropriate to initiate immediate delisting proceedings at this time. The Company does not intend to appeal the Exchange's determination to delist the Company's common stock and to apply to the SEC to delist the Company's common stock. The written notice from the Exchange states that if the Company does not appeal the Staff Determination by March 12, 2010, the delisting determination will become final, the Exchange will suspend trading in the Company's common stock and will submit an application to the SEC to strike the Company's common stock from listing and regulation on the Exchange in accordance with Section 12 of the Securities Exchange Act of 1934, as amended, and rules promulgated thereunder. After the Company's common stock is delisted, the Company cannot predict whether any trading market, including any over-the-counter trading market, for the Company's common stock will develop or be sustained.
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