NovaStar securities to be delisted from NYSE

By Devika Patel

Knoxville, Tenn., Jan. 14 - NovaStar Financial, Inc. filed an 8-K with the Securities and Exchange Commission on Monday, saying that the NYSE Regulation, Inc. announced on Jan. 11 that the company's common shares and its 8.9% series C cumulative redeemable preferred stock will be delisted from the New York Stock Exchange before the opening of market on Thursday.

NYSE had announced on Oct. 17 that the securities should be delisted and conducted a review on Dec. 5. The review affirmed NYSE's initial announcement, citing the termination of the company's status as a real estate investment trust and the company's failure to qualify for original listing as a corporation, in support of its determination that the company's securities are no longer suitable for continued listing on the NYSE.

NovaStar said in the filing that its shares are eligible to be listed on the Pink Sheets, so shortly after the close of business on Wednesday, the company will begin trading on that exchange.

NovaStar is a Kansas City, Mo., specialty finance company.

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