First NBC Bank Holding (FNBC) Says FT15 Report Will be Delayed; Receives Nasdaq Listing Notification
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
- JPMorgan (JPM) Reports Q4 EPS of $1.71
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
First NBC Bank Holding Company (Nasdaq: FNBC) announced that the filing of its Annual Report on Form 10-K for the year ended December 31, 2015 (“2015 10-K”) is being delayed as it works diligently with its auditors to complete and finalize the audit of the company’s 2015 financial statements, which will include the restatement of its previously issued (i) consolidated statement of financial condition as of December 31, 2014, and (ii) consolidated statements of operations, statements of changes in shareholders’ equity, and statements of cash flows for the years ended December 31, 2014 and 2013, including the cumulative effect of the restatement on retained earnings as of the earliest period presented. Following discussions with staff of the Nasdaq Stock Market (“Nasdaq”), Nasdaq staff has agreed to extend the deadline for First NBC to file its 2015 10-K under its previously submitted compliance plan to August 25, 2016.
First NBC also announced today that it received a letter from the staff of Nasdaq on August 12, 2016 advising the company that because it had not yet filed its Quarterly Report on Form 10-Q for the period ended June 30, 2016, it was not in compliance with Nasdaq Listing Rule 5250(c)(1) with respect to the report. Rule 5250(c)(1) requires First NBC to timely file all required periodic reports and other documents with the Securities and Exchange Commission (“SEC”). The Nasdaq notification letter has no immediate effect on the listing or trading of First NBC’s common stock on the Nasdaq Global Select Market. First NBC received similar notifications from Nasdaq staff as a result of the delays in filing its 2015 10-K and its Quarterly Report on Form 10-Q for the period ended March 31, 2016.
As previously reported, in June 2016, First NBC submitted a plan to regain compliance with Nasdaq’s listing rules through the filing of all of its past due SEC reports. Under the plan, which was accepted by Nasdaq, First NBC agreed to file all of its past due SEC reports, other than its 2015 10-K, which is discussed above, not later than September 26, 2016. In accepting First NBC’s plan, Nasdaq staff granted First NBC an exception that permits the continued listing of its common stock on the Nasdaq Global Select Market during the term of the compliance plan.
On or before August 26, 2016, First NBC will submit to Nasdaq an update to its original compliance plan to formally incorporate the company’s Quarterly Report on Form 10-Q for the period ended June 30, 2016. The update will describe First NBC’s plans to file all past due filings on or before September 26, 2016 and indicate the company’s progress toward implementing the compliance plan.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Chipotle Mexican Grill (CMG) Sees Q4 Revenue of $1.04B, Comps Down 4.8%
- HomeStreet (HMST) Guides Q4 Sharply Lower, Announces Proposed SEC Settlement
- Williams (WMB), Williams Partners (WPZ) Reset Payouts as Part of Financial Repositioning
Create E-mail Alert Related CategoriesCorporate News, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!