SOURCE: Tarragon Corporation

January 09, 2008 09:24 ET

Tarragon Corporation Receives "Subject to Delisting" Notification From NASDAQ

Common Stock to Continue to Trade Pending Review of NASDAQ Determination

NEW YORK, NY--(Marketwire - January 9, 2008) - Tarragon Corporation (NASDAQ: TARR), a leading mixed-use developer with a focus on for rent and for sale multifamily housing, today announced that it has received a notice from The NASDAQ Stock Market LLC ("NASDAQ") regarding the status of the Company's compliance with the NASDAQ Marketplace Rules.

On December 27, 2007, the Company received written notice from NASDAQ that it had demonstrated compliance with all applicable Marketplace Rules. As previously announced, on August 13 and November 13, 2007, the Company received Staff Determination Letters due to its failure to timely file its Quarterly Reports on Form 10-Q for the quarters ended June 30 and September 30, 2007, respectively, as required by Marketplace Rule 4310(c)(14). Both of these reports were filed on December 21, 2007. The notice received from NASDAQ on December 27, 2007 further confirmed the Company's compliance with NASDAQ's filing requirements and that the Company's common stock would continue to be listed on NASDAQ.

On January 4, 2008, as anticipated, the Company received a new notice of noncompliance from the staff of NASDAQ, pursuant to NASDAQ Marketplace Rule 4350(e) and (g), due to the Company's failure to hold its 2007 Annual Meeting of Stockholders by December 31, 2007. This notice indicated that, due to such noncompliance, the Company's common stock would be delisted from NASDAQ unless the Company requested a hearing before the NASDAQ Listing Qualifications Panel (the "Panel").

The Company will request a hearing before the Panel to review the Staff Determination. The Company intends to request that NASDAQ grant an exception to the Marketplace Rules to allow the Company to solicit proxies and to convene its 2007 Annual Meeting of Stockholders, at which time the Company expects that it will have returned to full compliance with all applicable Marketplace Rules. There can be no assurance that the Panel will grant the Company's request for continued listing. Pending the issuance of a decision by the Panel, the Company's common stock will continue to be listed on NASDAQ.

About Tarragon Corporation

Tarragon Corporation is a leading developer of multifamily housing for rent and for sale. Tarragon's operations are concentrated in the Northeast, Florida, Texas and Tennessee. To learn more about Tarragon Corporation, visit: www.tarragoncorp.com.

Forward-looking Statements

Information in this press release includes "forward-looking statements" made pursuant of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that are based on management's expectations, estimates, projections and assumptions. Words such as "may," "expects," "anticipates," "intends," "estimates," and variations of these words and similar expressions are intended to identify forward-looking statements. Actual results and the timing of certain events could differ materially from those projected or contemplated by these forward-looking statements due to a number of factors, including conditions in the homebuilding industry, the residential real estate and mortgage markets and the capital and financial markets generally, general economic conditions, interest rates and other risk factors outlined in Tarragon's SEC reports, including its Annual Report on Form 10-K for the year ended December 31, 2006 and any subsequently filed Quarterly Reports on Form 10-Q. Tarragon assumes no responsibility to update forward-looking information contained in this press release.

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Contact Information

  • Contacts:
    Broadgate Consultants, LLC
    Alan H. Oshiki
    (212) 232-2222
    Email Contact

    Tarragon Corporation
    William S. Friedman
    (212) 949-5000
    Email Contact