MOCKSVILLE ó Bank of the Carolinas Corp. received notification Thursday from Nasdaq that it no longer meets requirement for Global Market listing.
The notification letter states that the minimum bid price of the companyís common stock has closed below $1 per share for 30 consecutive business days, which makes it not in compliance with the minimum bid price rule.
The notification letter has no immediate effect on the listing of the companyís common stock, which will continue to trade on Nasdaq.
The company will monitor the market value of its publicly held shares and consider available options to regain compliance with Nasdaq.
ěItís important for shareholders to understand that while we are not in compliance with Nasdaqís Global Market bid price and market value requirements, the companyís stock has not been delisted and our stock continues to trade on Nasdaq,î CEO Steve Talbert said in a news release. ěThe company has six months to return to compliance.î
The company has 180 calendar days, or until March 19, 2012, to regain compliance.
This is the second noncompliance notice the company has received from Nasdaq. On Aug. 25, the company received a letter notifying the company that it no longer meets Nasdaqís continued listing requirement. That rule requires the market value of the companyís publicly held shares to be at least $5 million. The company has until Feb. 21, 2012, to regain compliance with this requirement.
Bank of the Carolinas Corp. is the holding company for Bank of the Carolinas, a North Carolina chartered bank headquartered in Mocksville with offices in Advance, Asheboro, Cleveland, Concord, Harrisburg, King, Landis, Lexington and Winston-Salem.