Cowlitz Bancorp. (CWLZ) Announces Plans to Delist from Nasdaq
Cowlitz Bancorporation (Nasdaq: CWLZ) today announced that on June 29, 2010 it received a letter from the Nasdaq Stock Market stating that the Nasdaq Hearings Panel (the "Panel") denied the Company's request for a 90-day exception to the continued listing standards. At the hearing before the Panel, the Company had presented an updated plan to regain compliance with Listing Rules 5550(a)(4) and 5550(b). Nasdaq further provided in the letter that it will suspend trading of the Company's shares on The Nasdaq Capital Market at the open of business on Thursday, July 1, 2010, and will complete the delisting of the Company's shares on The Nasdaq Capital Market by filing a Form 25-NSE with the SEC after all applicable appeal periods have lapsed.
The Company has not made any arrangements to have its common stock listed on any alternate exchanges or quotation systems. Following the delisting from Nasdaq, the Company expects that its common stock will continue to be quoted for trade on the OTC Bulletin Board, an electronic quotation service for unlisted public securities. However, there is no assurance that an active market for the Company's common stock will develop or be maintained. The Company's common stock will continue to be registered with the SEC.
The Company has not made any arrangements to have its common stock listed on any alternate exchanges or quotation systems. Following the delisting from Nasdaq, the Company expects that its common stock will continue to be quoted for trade on the OTC Bulletin Board, an electronic quotation service for unlisted public securities. However, there is no assurance that an active market for the Company's common stock will develop or be maintained. The Company's common stock will continue to be registered with the SEC.
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