Hovnanian Enterprises Class A (HOV)

[Eurotradr]

Homebuilder Hovnanian Enterprises Inc. (HOV) said Wednesday it received notice from the New York Stock Exchange that its shares weren't in compliance with the exchange's continued listing standards.

Hovnanian said it was informed by the exchange its average global market capitalization was under $50 million over a consecutive 30 trading-day period and its most recently reported stockholders' equity was less than $50 million.

The company said it intends to submit a plan to regain compliance. If the plan is accepted, Hovnanian will have 18 months to regain compliance.

The notice has no immediate impact on Hovnanian's stock listing or its ability to trade on the NYSE.