Dublin, Ohio-based home builder Dominion Homes is in the midst of closing a deal to go private but still faces suspension of its stock on the Nasdaq as of March 31, according to a report in BusinessFirst Columbus (Ohio).
The company violated Nasdaq rules when its stock fell, making the company have a total market value under the stock market’s minimum of $5 million. The company also violated rules when it failed to separately announce that company accountants questioned Dominion’s ability to continue due to operating losses and credit problems.
In January, the builder announced plans to go private and buy shareholders out at a cost of 65 cents per share, or $5.5 million cash. The deal means Dominion will be taken private by a group of investors that includes a company with ties to its CEO. The buyout group consists of companies affiliated with Angelo Gordon & Co. and Silver Point Capital and the company's largest shareholder, BRC Properties.
Dominion chairman and CEO Douglas Borror, also the principal of BRC Properties, will remain in his role with the company.