Legacy Housing Responds to Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q; plus Manufactured Home Industry Equities Updates


The following news release from Legacy Housing Corporation (LEGH) is followed by a brief but clarifying statement from a well-placed and informed source at the company to MHProNews.


quotequotationMark198x330Legacy Housing Corporation Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q

May 23, 2022 16:30 ET | Source: Legacy Housing Corporation

BEDFORD, Texas, May 23, 2022 (GLOBE NEWSWIRE) — On May 17, 2022, Legacy Housing Corporation (the “Company,” NASDAQ: LEGH) received a notice from The Nasdaq Stock Market LLC (“Nasdaq”) stating that because the Company has not yet filed its Quarterly Report on Form 10-Q for the period ended March 31, 2022 (the “Form 10-Q”) the Company remains in non-compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission. As announced on April 6, 2022, the Company had previously received a notice from Nasdaq indicating that as a result of not having timely filed its Annual Report on Form 10-K for the period ended December 31, 2021 (the “Form 10-K”), it was not in compliance with Nasdaq Listing Rule 5250(c)(1).

Under the Nasdaq Listing Rules, the Company has until May 31, 2022 to submit to Nasdaq a plan to regain compliance. If the Company is unable to file the Form 10-K and 10-Q by May 31, 2022, the Company intends to submit such a plan to Nasdaq on or before the deadline.  If Nasdaq accepts the Company’s plan, it can grant an exception of up to 180 calendar days from the due date of the Form 10-K, or September 27, 2022, to regain compliance. If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel and any delisting or suspension action would be stayed pending the hearing and the expiration of any additional extension granted by the Nasdaq Hearings Panel . The Company intends on filing the Form 10-K and Form 10-Q as soon as practicable in order to regain compliance.

The notice has no immediate effect on the listing or trading of the Company’s common stock on The Nasdaq Global Market.

About Legacy Housing Corporation

Legacy Housing Corporation builds, sells and finances manufactured homes and “tiny houses” that are distributed through a network of independent retailers and company-owned stores and are sold directly to manufactured housing communities. We are the sixth largest producer of manufactured homes in the United States as ranked by number of homes manufactured based on the information available from the Manufactured Housing Institute. With current operations focused primarily in the southern United States, we offer our customers an array of quality homes ranging in size from approximately 390 to 2,667 square feet consisting of 1 to 5 bedrooms, with 1 to 3 1/2 bathrooms. Our homes range in price, at retail, from approximately $22,000 to $140,000.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the Securities and Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. As a result, our actual results or performance may differ materially from anticipated results or performance. Legacy Housing undertakes no obligation to update any such forward-looking statements after the date hereof, except as required by law. Investors should not place any reliance on any such forward-looking statements.

Shane Allred, Legacy Housing Corporation, (817) 799-4900
shaneallred@legacyhousingcorp.com ##

MHProNews contacted a source in corporate management that said the following as the explanation for the apparent drama.

“New auditor can’t seem to finish. No significant issues.” That source added “Business is great.”

MHProNews will continue to monitor and report on the various publicly traded companies for corporate as well as industry insights. Recent reports on other publicly-traded manufactured housing brands are linked below.

‘Better Quality Manufactured Home Buyers’ ‘More Regulatory Relief’ – Skyline Champion Corporation (SKY) CEO Mark Yost on Q4 2022 Results – Earnings Call Transcript, Facts & Analysis

‘Record Results’ – Cavco Industries 2022 Q4 Results, CEO Bill Boor Said ‘Dramatic’ Rate Increases Means ‘Decreased Affordability,’ ‘Many Hopeful Buyers’ Left Out, ‘Fundamental Undersupply Remains’  

Triad Financial Services Parent ECN Capital Releases Official Results, Simply Wall Street Analysis – Despite Bump$, Company’s Strong 5 Year Performance Examined

Next up is our daily business news recap of yesterday evening’s market report, related left-right headlines, and manufactured housing connected equities.

The Business Daily Manufactured Home Industry Connected Stock Market Updates.  Plus, Market Moving Left leaning CNN and Right-leaning (Newsmax) Headlines Snapshot. While the layout of this daily business report has been evolving over time, several elements of the basic concepts used previously are still the same. For instance. The headlines that follow below can be reviewed at a glance to save time while providing insights across the left-right media divide. Additionally, those headlines often provide clues as to possible ‘market-moving’ news items.


Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…

“In the business world, the rear-view mirror is always clearer than the windshield.” – Warren Buffett. That begs a key question. Why don’t more people LOOK at the rearview mirror so they can learn more about the patterns that influence what’s ahead? Note: depending on your browser or device, many images in this report can be clicked to expand. Click the image and follow the prompts. To return to this page, use your back key, escape or follow the prompts.
“Survey 85 Percent of Americans Concerned About Inflation, Credit Card Interest Up by 3.3” said a headline on Breitbart. ‘Core retail’ inflation was announced on 4.12.2022 as 8.5 percent. Some commentators are saying that the actual rate of inflation in the U.S. is more like 15 to 20 percent. As the value of the dollar erodes, that impact should be considered when looking at stock market performance. Note: depending on your browser or device, many images in this report can be clicked to expand. Click the image and follow the prompts. To return to this page, use your back key, escape or follow the prompts.

Headlines from left-of-center CNN Business – from the evening of 6.8.2022

  • Shoppers shift
  • Dollar General
  • Rising prices are pushing consumers to turn to dollar stores
  • Stock market’s top cop proposes massive changes to the stock market
  • Wall Street’s blank-check boom has gone bust
  • Janet Yellen: Stimulus spending contributed only modestly to inflation
  • The CEO who fired 900 people over Zoom is accused of misleading investors
  • Strategist: We’re at peak pessimism (and why that’s a good thing)
  • Treasury bans Americans from buying Russian stocks and bonds
  • Exxon’s stock is back from the dead
  • META alert! Facebook’s old FB stock ticker is no more
  • Fannie and Freddie unveil plans to tackle the racial homeownership gap
  • Opinion: Black consumers like me want change — not Juneteenth-branded products
  • Job scams are on the rise. These are the red flags
  • President Biden sits down with Jimmy Kimmel for his first in-person late night appearance
  • Don’t look to Watergate and Army-McCarthy for guidance on January 6 hearings
  • An i3 electric car from the car manufacturer BMW is charged at a charging station at a car dealership in Rottweil, Baden-Wuerttemberg, on May 19, 2022.
  • An electric car finally makes financial sense
  • Matt Enloe, a fuel truck driver for Midland Transport in Jefferson City, prepares to fill tanks Friday at the Hy-Vee gas station on Conley Road. Drivers saw the price of gas continue to increase in Columbia on Friday. Enloe says drivers use to give him grief over the rising price of gas, but most just joke asking him to fill their tanks. “I gotta pay the same price that everybody else does,” Enloe said.
  • 20220603 025a High Gas Prices Ds
  • Why gas prices are near $5 a gallon and how high they’ll go
  • This lunar robot prototype looks like a centaur meant for the moon
  • Did you retire during the pandemic, but then decide to head back to work?
  • In an aerial view, single family homes are shown in a residential neighborhood on May 10, 2022 in Miami, Florida.
  • Mortgage rates dip again, but it’s still tough to afford a home
  • Here’s when to say ‘no’ at work
  • A "For Sale" sign outside a house in Discovery Bay, California, U.S., on Thursday, March 31, 2022.
  • Home prices rose by more than 20% year-over-year in March
  • TECH
  • Johnny Depp and Amber Heard.
  • How a fake juror in Depp vs. Heard trial went viral on TikTok
  • USB-C cable and Apple logo on iPhone are seen in this illustration photo taken in Krakow, Poland on September 25, 2021.
  • New EU rule will require all phones and electronics to use a standard charger
  • A pro-choice demonstrator holds a sign in front of the US Supreme Court in Washington, DC, on May 11, 2022.
  • At-home abortion pill startups gain interest and funding as laws increasingly target access
  • Big Tech calls for Biden administration to let foreign workers’ adult kids stay in the US

Headlines from right-of-center Newsmax 6.8.2022

  • Biden: Tuesday Primaries ‘Sent a Clear Message’ About Crime
  • Russian Invasion of Ukraine
  • Ukraine Says Flashpoint City Now Largely under Russian Control
  • Russia Cracks Down on Critics of Military Actions in Ukraine
  • Moscow Chief Rabbi Refused to Back War
  • Russian Radio Station Hacked to Play Ukrainian and Anti-War Songs
  • Russia Renames Square Near US Embassy
  • Russia Prepares for Martial Law
  • Microsoft Scales Down Russia Operations Due to Ukraine War
  • Ukraine Launching ‘Book of Executioners’ to Detail War Crimes
  • Ukrainian Forces Come Under Renewed Russian Attack in Key Eastern City
  • Kremlin: Any Putin-Zelenskyy Meeting Must Be ‘Well Prepared’
  • Ukraine Slams Israel for Refusing to Provide Iron Dome
  • More Russian Invasion of Ukraine
  • Election Primaries 2022
  • Trump Cheers ‘Big Night’ at Primary Polls
  • SD Gov. Noem, Sen. Thune Easily Overcome GOP Primary Challenges
  • Vote For Jan. 6 Panel Key To Mississippi Rep. Guest Forced Into Runoff
  • Zinke Holds Slim Lead in Montana US House Race Too Close to Call
  • San Francisco District Attorney Chesa Boudin Recalled
  • Grassley Among Myriad Trump Endorsement Wins
  • Dem Gov. Newsom Cruises to Victory in California Primary
  • More Election Primaries 2022
  • Newsmax TV
  • Fallon: Obrador Snub Reflects Biden’s Border Failures | video
  • RNC’s Dennard: DA Recall Vote Shows Shift for Democrats | video
  • Greene: Jan. 6 ‘Just a Riot,’ Wasn’t Coordinated | video
  • Tenney: Jan. 6 Prime-Time Hearing Is ‘Performance Art’ | video
  • KT McFarland: Black Sea Blockades Could Spark Refugee Crisis | video
  • Texas AG Paxton: We’ll Fight Any Gun Law That Violates Second Amendment | video
  • Peter Navarro: Jan. 6 Panel’s Tactics Designed to Stop Trump Before 2024 | video
  • More Newsmax TV
  • Newsfront
  • Armed Man at Justice Kavanaugh’s Home Charged With Attempted Murder
  • A California man upset about mass shootings and the looming Supreme Court rulings on abortion and gun rights was charged Wednesday with attempting to murder conservative Justice Brett Kavanaugh. ays. … [Full Story]
  • Wall St Falls as Sentiment Ebbs on Rate Fears
  • European stocks slid and U.S. shares wavered on Wednesday as the [Full Story]
  • Pelosi Left Church No Choice on Communion Denial, Catholic Group Says
  • San Francisco Archbishop Salvatore Cordileone’s decision to bar House [Full Story] | Platinum Article
  • Colorado Bishops Ask Lawmakers Who Back Abortion Rights to Forgo Communion
  • NBC: Biden Admin Plans to Send Migrants Awaiting Immigration Proceedings Deeper Into US
  • The Biden administration is planning to send illegal immigrants [Full Story]
  • ‘Great Resignation’ Reaches White House with Staff Turnover
  • New White House press secretary Karine Jean Pierre was delivering her [Full Story]
  • House GOP Whip Notice Urges ‘No’ Votes on All Gun Control
  • House Democrats push forward with gun control measures combined in [Full Story]
  • Biden Focuses on Solar Energy, Ignores Surging Gas Prices
  • Despite the average price of gas nationally having nearly doubled [Full Story] | Platinum Article
  • Biden: Tuesday Primaries ‘Sent a Clear Message’ About Crime
  • President Joe Biden told reporters on Wednesday that the primaries [Full Story]
  • US Loosens Restrictions on Cuba Travel, Remittances Amid Summit Blowback
  • The United States on Wednesday moved to lift some Trump-era [Full Story]
  • Trump, Adult Children Agree to Testify in NY Civil Probe: Document
  • Former President Donald Trump and two of his adult children, Donald [Full Story]
  • Harvard President Lawrence Bacow to Step Down Next Year
  • Harvard University President Lawrence Bacow, who guided the Ivy [Full Story]
  • Poll: 7 of 10 NYC Residents Feel Less Safe Than Before COVID-19 Pandemic
  • Seven of 10 New York City residents feel less safe nowcompared to [Full Story]
  • I Loved My Keurig Until I Found out This
  • WaPo Exec. Editor Condemns ‘Colleagues Attacking Colleagues’
  • Washington Post executive editor Sally Buzbee on Tuesday sent a stern [Full Story]
  • Kyle Rittenhouse Airs Message to Dems, Biden: ‘You’re Not Coming for Our Guns’
  • Kyle Rittenhouse isn’t shying away from the Democratic Party’s latest [Full Story]
  • DOJ Tries to Silence Navarro
  • The Department of Justice asked a federal judge to prevent former [Full Story]
  • Twitter Plans Shareholder Vote by August on Sale to Musk
  • Twitter Inc. plans to hold a shareholder vote by early August on its [Full Story]
  • Garland Announces Team to Review Uvalde School Shooting Response
  • S. Attorney General Merrick Garland has assembled a team to conduct [Full Story]
  • Los Angeles May Follow San Francisco in Recalling District Attorney
  • San Francisco District AttorneyChesa Boudin was recalled Tuesday [Full Story]
  • Trump Blasts Twitter: ‘I Will Never Go Back’
  • Former President Donald Trump on Wednesday ripped Twitter over “bots [Full Story]
  • Trump Organization CFO Weisselberg Hires New Lawyer in Tax Fraud Case
  • Allen Weisselberg, the longtime chief financial officer of the Trump [Full Story]
  • Man Drives Car Into Berlin Crowd, Teacher Dead
  • A 29-year-old man drove into a crowd of people in Berlin Wednesday, [Full Story]
  • Poll: Majority Don’t Trust Biden, Fauci to Handle Monkeypox Properly
  • A full 56% of American voters say they don’t trust that the Biden [Full Story]
  • WHO: More Than 1,000 Monkeypox Cases Reported
  • There have been more than 1,000 monkeypox cases reported to the World [Full Story]
  • Rand Paul Predicts Double-Digit Inflation and Interest Rates
  • Rand Paul,R-Ky.,is predicting that inflation will reach double [Full Story]
  • Bulletproof Backpack Sales Soar After Uvalde Massacre
  • Scared parents are buying bulletproof backpacks for their children, [Full Story]
  • Russia Prepares for Martial Law
  • The Ministry of Internal Affairs of Russia is creating a new [Full Story]
  • Woodward Plans Audio Book of Never-Before-Heard Trump Interviews
  • Bob Woodward plans to publish an audio book of interviews with former [Full Story]
  • Trump ‘Handily’ Beats DeSantis in Club for Growth Polling
  • Former President Donald Trump “handily” defeats Florida Gov. Ron [Full Story]
  • FBI Seizes Retired General’s Data in Qatar Lobbying Probe
  • The FBI has seized the electronic data of a retired four-star general [Full Story]
  • Actor Kevin Sorbo Uses Gun Control Argument to Slam Child Gender Change
  • Actor Kevin Sorbo threw back an argument for gun control to criticize [Full Story]
  • Feds: Goodyear Knew of RV Tire Defects for 20 Years, Did Nothing
  • Federal investigators say Goodyear knew that some of its recreational [Full Story]
  • More Newsfront
  • Finance
  • Twitter Plans Shareholder Vote by August on Sale to Musk
  • Twitter Inc. plans to hold a shareholder vote by early August on its $44 billion sale to Elon Musk, as it continues to work “constructively” to complete the deal with the world’s richest person, the social media company’s top executives told employees on Wednesday…. [Full Story]
  • Amazon Consumer Chief Jumps to Logistics Startup Flexport as CEO
  • SEC Eyes Wall Street Reforms. What Is ‘PFOF’?
  • Interior Phasing out Plastic Water Bottles at National Parks
  • Lockheed Expects to Begin Deliveries of F-16 Combat Jets in 2024
  • More Finance
  • Health
  • Cancer Disappears in All Rectal Cancer Patients Taking Experimental Drug
  • A small cancer trial of an innovative drug left every patient free of cancer in what experts call an “unprecedented” success. The study, published in The New England Journal of Medicine, found that 18 patients with rectal cancer who were given the drug dostarlimab every…… [Full Story]
  • Weight-Loss Surgery Significantly Reduces Risk for Many Cancers
  • Study: Local Centers Not Ready for July Launch of 988 Mental Health Crisis Hotline
  • Study: COVID Increases Risk for Psychiatric Disorders by 25 Percent
  • Study: Nightmares May Warn of Parkinson’s Onset


MHProNews has pioneered in our profession several reporting elements that keep our regular and attentive readers as arguably the best informed in the manufactured housing industry. Among the items shared after ‘every business day’ (when markets are open) is our left-right headline recap summary. At a glance in two to three minutes, key ‘market moving’ news items are covered from left-of-center CNN Business and right-of-center Newsmax. “We Provide, You Decide.” © Additionally, MHProNews provides expert commentary and analysis on the issues that others can’t or won’t cover that help explain why manufactured housing has been underperforming during the Berkshire era while an affordable housing crisis and hundreds of thousands of homeless in America rages on. These are “Industry News, Tips, and Views Pros Can Use© features and others made and kept us the runaway #1 in manufactured housing trade publisher for a dozen years and counting. 

If it is true, then it isn’t necessarily bragging. By checking the facts and following the money trail, even on controversial topics, MHProNews has provided reports and analysis that stand the test of time. While others – including various examples from mainstream media – have published reports that later need to be corrected or modified in significant ways, reports on MHProNews in recent years have provided a routinely dependable resource for reliable information, analysis, and evidence-based ‘logical’ commentary. There is simply nothing else like it, which is why we have been and remain the #1, despite coverage that often vexes the powers that be in manufactured housing.


Manufactured Housing Industry Investments Connected Equities Closing Tickers

Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.

                            • NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
                            • NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
                            • NOTE: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of  the stock from the days when it was a publicly traded firm.  Thus, there is still periodic activity on DVLY.

Manufactured Home Communities (a.k.a. ‘Mobile Home Parks’ – SIC) – Exploring UMH Properties; Fellow Manufactured Housing Institute Member Yes! Communities Suits and Settlements; plus MH Markets Updates

‘Announcing!’ ‘Manufactured Community Owners’ Association of America’ ‘Finally Bringing Fight To Manufactured Home Community Sector of the Industry’ – plus Sunday Weekly Manufactured Housing Headlines Review  

NOTE: An update has been linked from this post that includes a reply from Leo Poggione. https://www.manufacturedhomepronews.com/leo-poggione-craftsman-homes-manufactured-housing-institute-chairman-back-story-on-cavco-industries-consumer-affairs-for-a-house-customers-better-business-bureau-claim/
In cases such as Apollo, Berkshire Hathaway, Blackstone or others, manufactured housing may only be part of their corporate interests. Note: depending on your browser or device, many images in this report can be clicked to expand. Click the image and follow the prompts. To return to this page, use your back key, escape or follow the prompts.
    • 2022 Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
      · LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
      · AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.
      Enjoy these ‘blast from the past’ comments. MHProNews. MHProNews – previously a.k.a. MHMSM.com – has celebrated our 11th year of publishing and have completed over a dozen years of serving the industry as the runaway most-read trade media.HowardWalkerEmergenceOfTonyKovachsPublicationsProfessionalsFilledVacuumDailyBusinessNewsMHProNews-575x399

Sample Kudos over the years…

It is now 12+ years and counting

Learn more about our evolutionary journey as the industry’s leading trade media, at the report linked below.

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That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)

All on Capitol Hill were welcoming and interested in manufactured housing related issues. But Congressman Al Green’s office was tremendous in their hospitality. Our son’s hand is on a package that included a copy of the Constitution of the United States and other goodies. Tamas has grown considerably since this photo was taken. 

By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards and honors and also recognition in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position and may or may not reflect the views of sponsors or supporters.







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