Stephen Crawford, notified Legacy Housing Corporation of his resignation from the Board of Directors (the Board), effective immediately. Concurrently with such resignation, Mr. Crawford ceased to serve as a member of the Audit Committee and the Compensation Committee. On December 7, 2021, the Companys Board appointed Joseph Lane to fill the vacancy in the Board created by the resignation of Stephen Crawford. Mr. Lanes appointment as a director is effective immediately and his term as a director will continue until the Companys 2022 Annual Meeting of Stockholders or until his successor is duly elected and qualified. The Board determined that Mr. Lane is independent under the rules and regulations of both the Securities and Exchange Commission (the SEC) and the NASDAQ Stock Market. At this time, Mr. Lane has not been appointed to any committees of the Board although he is expected to be named as a member of the Audit Committee of the Board at a later date.Mr. Lane is currently Co-Founder, Chairman, and Chief Executive Officer at Bingie Inc., a technology and entertainment company offering movie and television content across all streaming platforms. Prior to Mr. Lanes current role, he served as Co-Founder, Chairman, and Chief Executive Officer of Growth Hackers, LLC, an advertising technology company, and he served as Founder, Chairman, and Chief Executive Officer of The Service Vault, LLC, a software company. Prior to his roles with Growth Hackers LLC and The Service Vault, LLC, Mr. Lane founded Lane Custom Homes, LP and he served as a Principal in JP Lane Investments, structuring partnerships that purchased, owned, and sold single family developments and home sites.
Legacy Housing Corporation builds, sells, and finances manufactured homes and tiny houses. The Company manufactures and provides for the transport of mobile homes, provides wholesale financing to dealers and mobile home parks and provides retail financing to consumers and is involved in financing and developing new manufactured home communities. Its manufactured homes and tiny houses are distributed through a network of independent retailers and Company-owned stores and also sold directly to manufactured home communities. It operates primarily in the southern United States. The Company offers its customers an array of homes ranging in size from approximately 395 to 2,667 square feet consisting of one to five bedrooms, and one to 31/2 bathrooms. It manufactures its mobile homes at plants located in Fort Worth, Texas, Commerce, Texas and Eatonton, Georgia. Its homes are marketed under the Legacy brand name. It also sells homes directly to consumers, through its own retail stores.