Legacy Housing Corporation Rec – GuruFocus.com

BEDFORD, Texas, May 23, 2022 (GLOBE NEWSWIRE) — On May 17, 2022, Legacy Housing Corporation (the “Company”, LEGH) received notice from the Nasdaq Stock Market LLC (“Nasdaq”) stating that because the Company n has not yet filed its Quarterly Report on Form 10-Q for the period ending March 31, 2022 (the “Form 10-Q”), the Company remains in non-compliance with Nasdaq Listing Rule 5250( (c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission. As announced on April 6, 2022, the Company had previously received notice from Nasdaq indicating that due to the failure to timely file its annual report on Form 10-K for the period ended December 31, 2021 (the “Form 10 -K”), it did not comply with Nasdaq Listing Rule 5250(c)(1).

Under Nasdaq listing rules, the company has until May 31, 2022 to submit a plan to restore compliance to Nasdaq. If the Company is unable to file Forms 10-K and 10-Q by May 31, 2022, the Company intends to submit such plan to Nasdaq no later than the deadline. If the Nasdaq accepts the company’s plan, it may grant an exception of up to 180 calendar days from the Form 10-K due date of September 27, 2022, to restore compliance. If the Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal such decision to a Nasdaq Hearing Panel and any debarment or suspension action will be stayed pending the hearing. and the expiration of any additional extension granted by the Nasdaq Hearing Panel. . The Company intends to file Form 10-K and Form 10-Q as soon as possible in order to regain compliance.

The notice has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Global Market.

About Legacy Housing Corporation

Legacy Housing Corporation builds, sells and finances manufactured homes and “tiny homes” which are distributed through a network of independent retailers and company-owned stores and are sold directly to manufactured housing communities. We are the sixth largest producer of manufactured homes in the United States based on the number of homes manufactured based on information available from the Manufactured Housing Institute. With current operations focused primarily in the southern United States, we offer our clients a range of quality homes ranging from approximately 390 to 2,667 square feet featuring 1 to 5 bedrooms, with 1 to 3 1/ 2 bathrooms. The price of our homes ranges, at retail, from approximately $22,000 to $140,000.

Forward-looking statements

This press release may contain forward-looking statements within the meaning of the Securities and Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are within the meaning of the beyond our control. Accordingly, our actual results or performance may differ materially from anticipated results or performance. Legacy Housing undertakes no obligation to update these forward-looking statements after the date hereof, except as required by law. Investors should not rely on these forward-looking statements.

Contact:
Shane Allred, Legacy Housing Corporation, (817) 799-4900
[email protected]