Amex to Delist Hanover

Hanover Capital Mortgage Holdings Inc., Edison, N.J., has received notification from the American Stock Exchange that its stock will be delisted for failing to meet Amex's continued-listing standards. Hanover said the exchange staff had determined that a plan submitted to Amex on May 8 "does not make a reasonable demonstration of the company's ability to comply" with the continued-listing standards. Amex cited stockholder's equity of less than $2 million, losses from continuing operations, and net losses in two out of Hanover's three most recent fiscal years. The notification also said Hanover's sustained losses are "so substantial" or its financial condition has become "so impaired" that it appeared "questionable, in the opinion of the Exchange, as to whether the company will be able to continue operations or meet obligations as they mature." Hanover said it intends to appeal the decision. The company, a mortgage real estate investment trust, can be found online at http://www.hanovercapitalholdings.com.