Bank of the Carolinas suspended from NASDAQ | Business
MOCKSVILLE, NC (WBTV) - Bank of the Carolinas Corporation (Nasdaq: BCAR), the parent company of Bank of the Carolinas, announced that effective March 5, 2012, trading of its common stock on the Nasdaq Stock Market will be suspended. Trading of the company's common stock is expected to be available for quotation on the OTC Pink market, commonly referred to as the "Pink Sheets," following the suspension from Nasdaq. The company also plans to pursue the quotation of its common stock on the OTC Bulletin Board.
The move to the Pink Sheets is the result of the company's inability to regain compliance with Nasdaq Marketplace Rules regarding the minimum market value of the company's publicly held shares. Companies listed on the Nasdaq Global Market must maintain a market value of publicly held shares of at least $5,000,000. The company has chosen not to appeal Nasdaq's decision to suspend trading due to the management time and expense involved in pursuing an appeal.
Stephen R. Talbert, president and chief executive officer of the company, stated, "Clearly we are disappointed that trading in our stock on Nasdaq has been suspended. Due to market conditions, we are not in a position to satisfy Nasdaq's continued listing requirements at this time. However, we remain committed to strengthening our company and focusing on the needs of our customers."
The suspension of trading on Nasdaq is not expected to have any effect on the company's operations or on the customers of Bank of the Carolinas. The Company will continue to file periodic and other reports with the Securities and Exchange Commission under applicable federal securities laws. In addition, the transition of the Company's stock to the Pink Sheets will have no effect on the shares themselves. The Company's shareholders remain owners of the common stock.
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