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Form 8-K for NOVASTAR FINANCIAL INC

20-Jan-2004

Other Events and Financial Statements & Exhibits

On January 15, 2004, NovaStar Financial, Inc. (the "Company"), Friedman, Billings, Ramsey & Co., Inc., Stifel, Nicolaus & Company Incorporated, JMP Securities LLC and Flagstone Securities, LLC (the "Underwriters"), entered into an Underwriting Agreement (the "Underwriting Agreement"), pursuant to which the Company agreed to issue and sell to the Underwriters an aggregate of 2,600,000 shares of its 8.90% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share (the "Preferred Stock") in accordance with the terms and conditions set forth in the Underwriting Agreement (the "Preferred Stock Offering"). In addition, the Company granted to the Underwriters an over-allotment option to purchase up to an additional 390,000 shares of Preferred Stock. The Preferred Stock Offering has been registered with the Securities and Exchange Commission in a universal shelf registration statement on Form S-3, Registration Statement No. 333-110574, which was declared effective December 4, 2003. A copy of the pricing press release for the Preferred Stock, publicly released on January 16, 2004, is annexed hereto as Exhibit 99.1. The Underwriting Agreement is annexed hereto as Exhibit 99.2.

99.1 Press Release, dated January 16, 2004 "NovaStar Financial, Inc. Prices an

        Offering of Preferred Stock."                                              

99.2    Underwriting Agreement dated January 15, 2004, by and among NovaStar       
        Financial, Inc., Friedman, Billings, Ramsey & Co., Inc., Stifel, Nicolaus &
        Company Incorporated, JMP Securities LLC and Flagstone Securities, LLC.    

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