Hovnanian Enterprises, Inc. Announces Pricing of 25,000,000 Shares of Common Stock

Hovnanian Enterprises, Inc. announced that it priced its previously announced offering of 25,000,000 shares of its Class A Common Stock at $2.00 per share, resulting in net proceeds of approximately $47 million. The Company has granted the underwriters of the offering a 30-day option to purchase up to an additional 3,750,000 shares of Class A Common Stock to cover over-allotments. The Company's Class A Common Stock is listed on the New York Stock Exchange under the symbol HOV. The Company intends to use the net proceeds from the offering, along with cash on hand, to purchase certain of the Company's senior unsecured notes in a private transaction. Citigroup, Credit Suisse and J.P. Morgan are serving as the joint book-running managers for the Class A Common Stock offering.