Amex Notifies Hanover of Possible Delisting

Hanover Capital Mortgage Holdings Inc., Edison, N.J., has announced the receipt of a notice from the American Stock Exchange that the company does not meet certain continued listing standards. The notice said the real estate investment trust is not in compliance with a stockholders' equity requirement of $2 million, and that its losses from continuing operations and net losses in two of the three most recent fiscal years also put it out of compliance. The exchange also cited a provision permitting delisting of a company's stock if the company "has sustained losses which are so substantial in relation to overall operations or its existing financial resources, or its financial condition has become so impaired, that it appears questionable, in the opinion of the Exchange, as to whether the company will be able to continue operations and/or meet its obligations as they mature." Hanover may submit a plan of compliance by May 8 that would bring it back into compliance by Oct. 8, 2009. If it does not, or if the plan is not accepted, the company will be subject to delisting procedures. Hanover, a mortgage REIT, can be found online at http://www.hanovercapitalholdings.com.