Homestore.com, Inc. (Nasdaq: HOMSE - news) announced that it has been notified by Nasdaq that trading in the company's common stock will resume at 10:00 a.m., Eastern Standard Time today, under the symbol HOMSE.
The company also announced that it is currently out of compliance with Nasdaq Marketplace Rule 4310(c)(14) as a result of its previous announcements that it will restate its financial results for the year 2000 and the first three quarters of 2001, and that its financial statements for these periods cannot be relied upon. Marketplace Rule 4310(c)(14) requires that all SEC reports be filed with Nasdaq on a timely basis.
The company has received notice that Nasdaq has initiated proceedings to delist the company's stock pursuant to this rule. The company has the right to stay the delisting process by requesting a hearing before a Nasdaq Listing Qualifications Panel. The company will formally request a hearing next week and expects to comply with the rule by filing its restated financial statements before Nasdaq is required to take any further action to delist the company's stock. As previously disclosed, the company expects to complete its internal accounting inquiry and file its amended financial results by mid-March.
The stock opened today over ten cents lower than it was trading when the shares were halted by the NASD, pending further investigation, bringing it to a new 52-week low.