Citizens Holding Company Announces Voluntary Delisting from the Nasdaq Global Market
01 Diciembre 2023 - 3:15PM
Business Wire
Citizens Holding Company (the “Company”) (NASDAQ:CIZN), the
holding company for The Citizens Bank of Philadelphia (the “Bank”),
today announced its voluntary decision to delist its common stock
from the NASDAQ Global Market (“Nasdaq”) and to deregister its
common stock under Section 12(b) of the Securities Exchange Act of
1934 (the “Exchange Act”).
The Company has notified Nasdaq of its intent to voluntarily
delist and withdraw the registration of its common stock with the
Securities and Exchange Commission (“SEC”). The Company intends to
file a Form 25 (Notification of Removal from Listing) with the SEC
on or about December 11, 2023, and expects the last trading day on
Nasdaq will be on or about December 15, 2023. Following delisting
from Nasdaq, the Company expects its common stock will be quoted on
the OTCQX Best Market beginning on or about December 18, 2023,
under the symbol “CIZN”. Subsequent to the delisting of its common
stock from Nasdaq, the Company intends to file a Form 15
(Certification and Notice of Termination From Registration) with
the SEC to suspend the Company’s obligations to file periodic
reports under the Exchange Act.
Stacy M. Brantley, the Company’s Chief Executive Officer,
stated, “We anticipate significant cost savings and efficiencies
resulting from SEC deregistration and delisting from Nasdaq. After
careful consideration, the Board of Directors approved this
decision after concluding that the benefits to the Company and its
shareholders outweighed the advantages of remaining an
SEC-reporting, Nasdaq-listed company. We are excited to begin
trading on the OTCQX Market alongside many investor-focused
community banks. The Company’s financial statements will continue
to be audited by an independent accounting firm, and the Company
intends to continue publishing quarterly and annual financial
information via press releases or by postings on the OTC Markets
website (www.otcmarkets.com/home) and the Bank’s website
(www.thecitizensbankphila.com). The bank will also continue to
report detailed quarterly financial reports to its primary federal
regulator, which are publicly available.”
About Citizens Holding Company
Citizens Holding Company is a one-bank holding company and the
parent company of the Bank, both headquartered in Philadelphia,
Mississippi. The Bank currently has twenty-seven banking locations
in fourteen counties throughout the state of Mississippi. In
addition to full service commercial banking, the Company offers
mortgage loans, title insurance services through third party
partnerships and a full range of Internet banking services
including online banking, bill pay and cash management services for
businesses.
Cautionary Note Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements
other than statements of historical facts included in this release
regarding the Company’s financial position, results of operations,
business strategies, plans, objectives and expectations for future
operations, are forward looking statements. The Company can give no
assurances that the assumptions upon which such forward-looking
statements are based will prove to have been correct.
Forward-looking statements speak only as of the date they are made.
The Company does not undertake a duty to update forward-looking
statements to reflect circumstances or events that occur after the
date the forward-looking statements are made. Such forward-looking
statements are subject to certain risks, uncertainties and
assumptions. The risks and uncertainties that may affect the
operation, performance, development and results of the Company’s
and the Bank’s business include, but are not limited to, the
following: (a) the risk of adverse changes in business conditions
in the banking industry generally and in the specific markets in
which the Company operates; (b) our ability to mitigate our risk
exposures; (c) changes in the legislative and regulatory
environment that negatively impact the Company and Bank through
increased operating expenses; (d) increased competition from other
financial institutions; (e) the impact of technological advances;
(f) expectations about the movement of interest rates, including
actions that may be taken by the Federal Reserve Board in response
to changing economic conditions; (g) changes in asset quality and
loan demand; (h) expectations about overall economic strength and
the performance of the economics in the Company’s market area; and
(i) other risks detailed from time to time in the Company’s filings
with the Securities and Exchange Commission. Should one or more of
these risks materialize or should any such underlying assumptions
prove to be significantly different, actual results may vary
significantly from those anticipated, estimated, projected or
expected.
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version on businesswire.com: https://www.businesswire.com/news/home/20231201850957/en/
Citizens Holding Company, Philadelphia Phillip R. Branch, (601)
656-4692 Phillip.branch@thecitizensbank.bank
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