MATAWAN, N.J., March 29, 2019 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, announced today the completion of a 1-for-25 reverse stock split of the Company’s outstanding and treasury shares of its Class A common stock and Class B common stock, together with a proportionate reduction in the number of authorized shares of each such class. The par value of the Company’s common stock was unchanged at $0.01 per share after the reverse stock split. The reverse stock split became effective at 12:01 am on March 29, 2019 and the Company’s shares of Class A common stock will begin trading on a split adjusted basis on the New York Stock Exchange (“NYSE”) when the market opens on March 29, 2019 under the Company’s existing symbol “HOV.” The Company’s Class A common stock has been assigned a new CUSIP number of 442487401 and the Company’s Class B common stock has been assigned a new CUSIP number of 442487500 in connection with the reverse stock split.

The amendments to the Company’s certificate of incorporation effecting the reverse stock split and authorized share reduction were approved by the Company’s shareholders at the Company’s annual meeting of shareholders on March 19, 2019. The Company’s Board of Directors approved the reverse stock split at a 1-for-25 ratio also on March 19, 2019. The reverse stock split is primarily intended to increase the per share trading price of the Company’s Class A common stock to regain compliance with the minimum average closing price criteria set forth in the NYSE’s Listed Company Manual.

At the effective time of the reverse stock split, every 25 shares of the Company’s issued shares (including treasury shares) of common stock were converted to one share of common stock. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s percentage ownership interest or proportionate voting power in the Company, except to the extent that the reverse stock split results in fractional shares. No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise be entitled to receive a fractional share will instead receive a cash payment.

ABOUT HOVNANIAN ENTERPRISES, INC.:

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey and, through its subsidiaries, is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company’s homes are marketed and sold under the trade names K. Hovnanian^® Homes and Brighton Homes^®. Additionally, the Company’s subsidiaries, as developers of K. Hovnanian’s^® Four Seasons communities, make the Company one of the nation’s largest builders of active lifestyle communities.