Bank of Florida Corp. Announces Delisting from Nasdaq
03 Junio 2010 - 8:15AM
Business Wire
Bank of Florida Corporation (NASDAQ: BOFL) announced that it
received a letter from The Nasdaq Stock Market (“Nasdaq”)
indicating that the Company’s common stock will be delisted from
Nasdaq in accordance with Listing Rules 5101, 5110(b) and
IM-5101-1, due to Nasdaq’s concerns, stemming from the receivership
of the Company’s three former bank subsidiaries, about the
Company’s ability to demonstrate compliance with all of the
requirements for continued listing, as well as the residual equity
interest of the Company’s common stockholders. Furthermore, the
Company had previously been advised that it was not in compliance
with Listing Rule 5450(b)(1)(A) because the Company’s stockholders’
equity at March 31, 2010, was below $1,000,000.
The Company does not intend to appeal Nasdaq’s determinations.
Accordingly, the Company’s common stock will be delisted effective
as of the opening of business on June 11, 2010. Furthermore,
trading in the Company’s common stock has been halted since the
opening of business on June 1, 2010.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: Certain statements in this press release
may contain “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, which statements
generally can be identified by the use of forward-looking
terminology, such as “may,” “will,” “expect,” “estimate,”
“anticipate,” “believe,” “target,” “plan,” “project,” or “continue”
or the negatives thereof or other variations thereon or similar
terminology, and are made on the basis of management’s plans and
current analyses of Bank of Florida Corporation, its business and
the industry as a whole. These forward-looking statements are
subject to risks and uncertainties, including, but not limited to,
economic conditions, competition, interest rate sensitivity and
exposure to regulatory and legislative changes. The above factors,
in some cases, have affected, and in the future could affect Bank
of Florida Corporation financial performance and could cause actual
results for fiscal 2010 and beyond to differ materially from those
expressed or implied in such forward-looking statements. Bank of
Florida Corporation does not undertake to publicly update or revise
its forward-looking statements even if experience or future changes
make it clear that any projected results expressed or implied
therein will not be realized.
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