Adaptimmune stock plunges after announcing Nasdaq delisting plans
Investing.com -- United Homes Group (NASDAQ:UHG) stock plunged 25% Monday after the homebuilder announced the resignation of multiple board members, including former U.S. Ambassador Nikki Haley, and the conclusion of its strategic alternatives review.
The company revealed that its special committee of independent directors determined that continuing as an independent public company was in the best interests of shareholders, rather than pursuing a sale or merger, citing "current macroeconomic conditions."
In a significant leadership shake-up, five directors, including Haley, announced their intention to resign by November 14. Four departing board members - Robert Dozier Jr., Jason Enoch, Alan Levine, and James M. Pirrello - stated they would have remained if controlling stockholder and Executive Chairman Michael Nieri had stepped down and forfeited his remaining compensation.
According to their resignation letter, these directors believed "the Company’s existing management team is better suited to help the Company navigate the current market environment and address the Company’s operational challenges without Mr. Nieri serving as Executive Chairman."
Haley, who served on the Nominating and Corporate Governance Committee, cited her desire to focus on "other engagements and professional responsibilities" as the reason for her departure. Separately, James P. Clements resigned effective immediately to concentrate on his "other professional obligations."
The mass exodus comes at a challenging time for the South Carolina-based homebuilder as it attempts to navigate difficult housing market conditions while maintaining its independence.
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