The New York Stock Exchange has accepted Hovnanian Enterprises (NYSE:HOV) plan to keep its stock price above the level at which it could no longer be traded on the big board.
Hovnanian filed an 8K with the Securities and Exchange Commission late Wednesday stating, "On October 4, 2019, Hovnanian Enterprises, Inc. received written notification from the New York Stock Exchange that the NYSE has approved the company’s plan to regain compliance with the continued listing standard set forth in Section 802.01B of the NYSE’s Listed Company Manual. Previously, the NYSE notified the company that it was not in compliance with Section 802.01B because its average global market capitalization was less than $50 million over a consecutive 30 trading-day period and its most recently reported stockholders’ equity was also less than $50 million.
"The NYSE’s acceptance of Hovnanian’s plan establishes an 18-month cure period, ending January 11, 2021, during which the company is eligible to regain compliance with Section 802.01B. As of October 8, 2019, the company’s closing stock price was $22.57 and its public market capitalization was $132.4 million. The company’s average public market capitalization over the consecutive 30 trading-day period ending October 8, 2019 was $89.1 million. The company expects that it will regain compliance with Section 802.01B within the cure period."