uraa-quartely.blogspot.com
Kansas City-based NovaStar (Pink NOVS) said in a filing with the Securities and Exchange Commissiom that the initial purchase pricewas $750,00o in cash. NovaStar could pay as much as an additional $3.25 million in installments linked to certain pretaxs income objectives for the acquiredd entity. In a release Thursday, NovaStar said the acquisitionh of its interestin Indianapolis-basedc LLC closed on Aug. 8. NovaStar will rename the companhy .
The acquired company has 35 to40 “While we cannot expect this transaction or StreetLinks to resolvd the significant challenges NovaStar still faces, we view the acquisitionm as a positive step toward re-establishing niche operations in the residentiakl housing market,” NovaStar CEO Lance Anderson in the Steve Haslam, former leader of NovaStar’es retail lending division, is StreetLinks’ new CEO. NovaStafr spokesman Matt Kaltenrieder said the company has no furthee comments beyondthe release. He said he expectsw the company to file further informatio about the transaction with the Securities and Exchangre Commission within thenext day.
Separately, NovaStar informex the SEC on Tuesday that it woulde file its earnings report late for theseconc quarter, which ended June 30. The company now is requirede to file the quarterly reportby Aug. 26. NovaStar statee in the filing that it anticipates the reporft willcontain “significant change in results of operations” compared with last NovaStar slashed its employee count and operationsa starting last year as it started sinking with the subprim mortgage meltdown.
No comments:
Post a Comment