Form 12b-25
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC FILE NUMBER: 001-13533
CUSIP NUMBER: 669 947 889 Common Stock
669 947 806 8.90% Series C Cumulative Redeemable Preferred Stock
(Check One) Form 10-K Form 20-F Form 11-K |X| Form 10-Q Form 10-D
Form N-SAR Form N-CSR
For Period Ended: September 30, 2007
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
PART I--REGISTRANT INFORMATION
NovaStar Financial, Inc.
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Full Name of Registrant
Not Applicable
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Former Name if Applicable
8140 Ward Parkway, Suite 300
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Address of Principal Executive Office (Street and Number)
Kansas City, Missouri 64114
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City, State and Zip Code
PART II--RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
(a) The reason described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
|X| (b) The subject annual report, semi-annual report, transition report
on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or
portion thereof, will be filed on or before the fifteenth calendar day
following the prescribed due date; or the subject quarterly report or
transition report on Form 10-Q, or subject distribution report on Form
10-D, or portion thereof, will be filed on or before the fifth
calendar day following the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III--NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR,
N-CSR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
Due to the magnitude of changes occurring in the business of NovaStar
Financial Inc. (the "Company") during the third quarter of 2007, the Company's
Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, due on
November 9, 2007 (the "Form 10-Q"), could not be filed with the Securities and
Exchange Commission on a timely basis without unreasonable effort or expense.
The Company intends to file the Form 10-Q within the 5 calendar day period
contemplated by Rule 12b-25 promulgated under the Securities Exchange Act of
1934, as amended.
PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Gregory S. Metz (816) 237-7000
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of
1940 during the
preceding 12 months or for such shorter period that the registrant was required
to file such report(s) been filed? If answer is no, identify report(s). |X|Yes
|_| No
(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof? |X|
Yes |_| No
If so, attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable estimate
of the results cannot be made.
As a result of changes in the Company's business, including closing a
substantial portion of the Company's mortgage origination business and other
market factors impacting the valuation of the Company's investment portfolio,
the Company's results of operations for the nine and three month periods ending
September 30, 2007 will change significantly from the Company's results of
operations for the nine and three month periods ending September 30, 2006. The
Company has not finalized its financial statements for the third quarter of
2007.
Novastar Financial, Inc.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: November 13, 2007 By: /s/ GREGORY S. METZ
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Name: Gregory S. Metz
Title: Principal Financial Officer