Banking: US bank to be de-listed due to filing failures
Waccamaw Bankshares, Inc. (NASDAQ: WBNK), the bank holding company for Waccamaw Bank, says that its stock will be de-listed from the NASDAQ Stock Market as of the opening of business on Wednesday, 23 November and that NASDAQ will file a Form 25-NSE with the Securities and Exchange Commission. That will remove the company's securities from listing and registration on NASDAQ.
The Company appeared before the NASDAQ Hearings Panel on August 4 for failure to file its Annual Report on Form 10-K for 2010 and its Quarterly Report on Form 10-Q for the first quarter of 2011, in breach of NASDAQ Listing Rule 5250(c)(1).
The Company subsequently received deficiency letters from the staff of the NASDAQ Listing Qualifications Department regarding its failure to file its Quarterly Reports on Form 10-Q for the second and third quarters of 2011. The Panel considered these additional deficiencies in its decision.
After the hearing, the Panel decided to continue the Company's listing on the condition that the Company file all of its delinquent periodic filings by 5 December.
However, on 18 November the Company informed the Panel that it would not be able to meet the 5 December deadline. In view of these circumstances, the Panel has determined to delist the company's securities from the Nasdaq Stock Market.
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