United Homes Group (NASDAQ: UHG) experienced a significant drop in its stock price, sinking 40% in early Monday trading. This sharp decline followed the announcement that six of the company’s seven board directors plan to resign.

Four of these directors specifically cited Chairman Michael Nieri’s refusal to step down as the reason for their decision. The intended resignations come amid growing concerns about the company’s leadership and future direction.

Further details on the company’s response and next steps are awaited as investors react to the developing situation.
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