Suffolk Bancorp (SUBK) Receives Delisting Notification From NASDAQ
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Suffolk Bancorp (NASDAQ: SUBK) received a Delisting Determination letter from NASDAQ for failing to timely file its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2011 and June 30, 2011 (the “Periodic Reports”) with the Securities and Exchange Commission in violation of Listing Rule 5250(c)(1) (the “Rule”). NASDAQ had previously granted Suffolk an exception until November 7, 2011 to regain compliance with the Rule but Suffolk failed to file the Periodic Reports prior to that deadline.
Suffolk intends to appeal this determination to a NASDAQ hearings panel by November 15, 2011, which is the deadline for an appeal, and to request a stay of any delisting of Suffolk common stock until the hearing takes place and a decision is issued. The filing of the appeal will automatically stay a delisting until 15 calendar days after the date of the hearing request.
Suffolk intends to appeal this determination to a NASDAQ hearings panel by November 15, 2011, which is the deadline for an appeal, and to request a stay of any delisting of Suffolk common stock until the hearing takes place and a decision is issued. The filing of the appeal will automatically stay a delisting until 15 calendar days after the date of the hearing request.
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