NovaStar Headed For Bulletin Board

Nov.15.07 | About: NovaStar Financial, (NFI)

As part of yesterday's announcement of a third quarter loss of $598 million, or $64.05 per share, subprime mortgage lender NovaStar (NFI), which is no stranger to readers of my writing, said that there “is a high likelihood” that its securities will be delisted from the New York Stock Exchange, which is reviewing its listing status.

The NYSE is expected to rule by December 5. While the company said it is exploring alternatives, it also said that next stop is is likely to be the over-the-counter Bulletin Board.