Pacific State Bancorp (PSBC) To Be Delisted; Moving to OTCBB or 'Pink Sheets'
Pacific State Bancorp (Nasdaq: PSBC) has received a Nasdaq staff determination letter dated May 12, 2010, notifying Bancorp that it has not complied with Nasdaq Listing Rule 5550(a)(2). Pacific State Bancorp had initially been notified on November 10, 2009 that the bid price of its common stock had closed at less than $1.00 per share over the previous 30 consecutive business days.
In accordance with Listing Rule 5810(c)(3)(A), Bancorp was provided 180 calendar days, or until May 10, 2010, to regain compliance with the Rule. Because Bancorp has not regained compliance, the Nasdaq Staff has determined to delist Bancorp's securities from the Capital Market. Accordingly, trading of Bancorp's common stock will be suspended at the opening of business on May 19, 2010 and a Form 25-NSE will be filed with the Securities and Exchange Commission (the "SEC"), which will remove Bancorp's securities from listing and registration on The Nasdaq Stock Market.
Bancorp does not plan to appeal the determination. The Company has decided to move the trading of its common stock to the OTC Bulletin Board ("OTCBB"). Bancorp's securities will not be immediately eligible to trade on the OTCBB or in the "Pink Sheets."
[SM]
In accordance with Listing Rule 5810(c)(3)(A), Bancorp was provided 180 calendar days, or until May 10, 2010, to regain compliance with the Rule. Because Bancorp has not regained compliance, the Nasdaq Staff has determined to delist Bancorp's securities from the Capital Market. Accordingly, trading of Bancorp's common stock will be suspended at the opening of business on May 19, 2010 and a Form 25-NSE will be filed with the Securities and Exchange Commission (the "SEC"), which will remove Bancorp's securities from listing and registration on The Nasdaq Stock Market.
Bancorp does not plan to appeal the determination. The Company has decided to move the trading of its common stock to the OTC Bulletin Board ("OTCBB"). Bancorp's securities will not be immediately eligible to trade on the OTCBB or in the "Pink Sheets."
[SM]
You May Also Be Interested In
- Syngenta (SYT) settles atrazine litigation; will pay $105M in deal
- PDI, Inc. (PDII) Enters New $57M PCP Targeting Contract
- Euroseas (ESEA) commences 13.9M rights offering
Create E-mail Alert Related Categories
Corporate NewsSign 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!
