United Homes Group (UHG) said Monday that a special committee of independent directors has completed its review of strategic alternatives and decided the homebuilder will continue operating as an independent, publicly traded company.

The committee, which was formed in May and advised by legal and financial consultants, reviewed potential options, including a sale or merger, and concluded that continuing the company's current strategic plan is the best course for shareholders given present macroeconomic conditions, the company said.

After the review, four directors, Robert Dozier Jr., Jason Enoch, Alan Levine and James Pirrello told Executive Chairman Michael Nieri they would remain only if he stepped down and gave up his remaining pay, but after Nieri refused, they announced plans to resign by Nov. 14, to allow an orderly transition and timely filing of the quarterly report, the homebuilder said.

On Sunday, Nikki Haley and James Clements also announced their plans to step down from the board to focus on other professional responsibilities, the company said.

Shares of United Homes were down nearly 43% in recent Monday trading.

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