Comstock Remains on Nasdaq, for Now
Comstock Homebuilding of Reston will continue to be traded on the Nasdaq Stock Market -- for now.
Comstock said Thursday that it has received a notice from the exchange, granting the company a request for a continued listing.
The company has until April 13 to keep its shares above a dollar for a minimum of 10 consecutive trading days. They closed at 28 cents Thursday.
By May 8, Comstock's market capitalization -- or the value that the market places on the company -- must be at least $5 million, the company said. On Thursday it was $4.97 million.
The home builder began a campaign this summer to get its lenders to forgive some of its debt. Comstock said then that it would stop making payments on $94 million worth of loans in a move to force its lenders to negotiate with it.
The strategy yielded some initial results, with BB&T agreeing to wipe $32.7 off its books and Regions Bank forgiving $5.3 million, with both banks foreclosing on properties. But that was in early September. Since then, the financial crisis has only deepened.
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