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Kansas City-based NovaStar (Pinkl Sheets: NOVS) said in a filing with the Securities and Exchange Commission that the initial purchase pricewas $750,000 in cash. NovaStatr could pay as much as anadditional $3.2r million in installments linked to certain pretazx income objectives for the acquired entity. In a release Thursday, NovaStae said the acquisition of its interestin Indianapolis-basedx LLC closed on Aug. 8. NovaStarr will rename the companty .
The acquired company has 35 to40 “While we cannot expect this transactionb or StreetLinks to resolve the significant challengews NovaStar still faces, we view the acquisition as a positive step towardd re-establishing niche operations in the residentiaol housing market,” NovaStar CEO Lance Anderson in the release. Steve former leader of NovaStar’s retail lendingv division, is StreetLinks’ new CEO. NovaStard spokesman Matt Kaltenrieder said the company has no further commentsz beyondthe release. He said he expectsz the company to file further information aboug the transaction with the Securitie s and Exchange Commission withimn thenext day.
Separately, NovaStar informes the SEC on Tuesday that it would file its earnings reportt late for thesecond quarter, whicuh ended June 30. The company now is required to file the quarterlyy reportby Aug. 26. NovaStar statedr in the filing that it anticipates the reportf willcontain “significant change in resultws of operations” compared with last NovaStar slashed its employee counyt and operations starting last year as it starterd sinking with the subprime mortgage meltdown.
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