Legacy Housing Corporation Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Annual Report on Form 10-K

Rhea-AI Summary

Legacy Housing Corporation (NASDAQ: LEGH) received a notice from Nasdaq for failing to file its Annual Report on Form 10-K for the year ending December 31, 2021. The notice, dated April 1, 2022, indicates non-compliance with Nasdaq Listing Rule 5250(c)(1). The company must submit a plan to regain compliance by May 31, 2022, and if accepted, may have an extension until September 27, 2022. The notice does not currently affect the listing or trading of its stock.

Positive

• The company is the sixth largest producer of manufactured homes in the U.S.
• They offer a range of home sizes and prices, appealing to a broad market.

Negative

• Failure to file the Annual Report raises compliance concerns.
• If unable to file by May 31, 2022, potential risks of delisting could arise.

BEDFORD, Texas, April 06, 2022 (GLOBE NEWSWIRE) -- On April 1, 2022, Legacy Housing Corporation (the "Company," NASDAQ: LEGH) received a notice from The Nasdaq Stock Market LLC ("Nasdaq") stating that because the Company has not yet filed its Annual Report on Form 10-K for the period ended December 31, 2021 (the "Form 10-K"), the Company is not in compliance with the continued listing requirements of Nasdaq Listing Rule 5250(c)(1). Nasdaq Listing Rule 5250(c)(1), in pertinent part, requires the Company to timely file all required periodic reports with the Securities and Exchange Commission. The Company previously reported that it anticipated a delay in filing the Form 10-K, as disclosed in the Company's Current Report on Form 8-K filed on March 31, 2022.

Under the Nasdaq Listing Rules, the Company has until May 31, 2022, to submit to Nasdaq a plan to regain compliance. If the Company is unable to file the Form 10-K by May 31, 2022, the Company intends to submit such a plan to Nasdaq on or before the deadline. If Nasdaq accepts the Company's plan, it can grant an exception of up to 180 calendar days after the applicable due date for the filing of the Form 10-K, or until September 27, 2022, to regain compliance. If Nasdaq does not accept the Company's plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.

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 houses" that 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 as ranked by the number of homes manufactured based on the information available from the Manufactured Housing Institute. With current operations focused primarily in the southern United States, we offer our customers an array of quality homes ranging in size from approximately 390 to 2,667 square feet consisting of 1 to 5 bedrooms, with 1 to 3 1/2 bathrooms. Our homes range in price, 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. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. As a result, our actual results or performance may differ materially from anticipated results or performance. Legacy Housing undertakes no obligation to update any such forward-looking statements after the date hereof, except as required by law. Investors should not place any reliance on any such forward-looking statements.

Contact:
Jeff Burt, Legacy Housing Corporation, (817) 624-7565
jeffburt@legacyhousingcorp.com

FAQ

What does the Nasdaq notice mean for Legacy Housing Corporation (LEGH)?

The notice indicates that Legacy Housing is non-compliant due to the delayed filing of its Annual Report on Form 10-K.

What is the deadline for Legacy Housing to regain compliance with Nasdaq?

Legacy Housing must submit a plan to Nasdaq by May 31, 2022, to regain compliance.

What happens if Legacy Housing fails to meet the compliance deadline?

If they do not file the Form 10-K by May 31, 2022, they can submit a compliance plan, but risks of delisting may arise.

How does this notice affect the trading of LEGH stock?

The notice has no immediate effect on the listing or trading of LEGH stock.