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EX-99 - PRESS RELEASE, DATED SEPTEMBER 22, 2011, REGARDING NASDAQ MINIMUM BID PRICE NONCOMPLIANCE NOTICE - Bank of the Carolinas CORP | rrd322499_36071.htm |
North Carolina
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20-4989192
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(State or other jurisdiction of
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(IRS Employer
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incorporation)
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Identification No.)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
This is the second noncompliance notice the Company has received from Nasdaq. As disclosed in its Current Report on Form 8-K, filed with the Securities and Exchange Commission on August 31, 2011, the Company previously received a notice from Nasdaq regarding the minimum market value of the Company's publicly held shares. Nasdaq Listing Rule 5450(b)(1)(C) requires a market value of publicly held shares of at least $5 million. The Company has until February 21, 2012, in which to regain compliance with this requirement.
The Company intends to monitor the bid price of its common stock and the market value of its publicly held shares and will consider available options to resolve these deficiencies and regain compliance with the Nasdaq Listing Rules.
The Company issued a press release on September 22, 2011, disclosing its receipt of the Nasdaq minimum bid price noncompliance notice. A copy of the press release is attached as exhibit 99.1 and incorporated herein by reference.
Exhibit No. Description of Exhibit
99.1 Press release, dated September 22, 2011, regarding Nasdaq minimum bid price noncompliance notice
Bank of the Carolinas Corporation
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Date: September 22, 2011
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By:
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/s/ Eric E. Rhodes
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Eric E. Rhodes
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Executive Vice President and Chief Financial Officer
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Exhibit No.
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Description
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EX-99.1
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Press release, dated September 22, 2011, regarding Nasdaq minimum bid price noncompliance notice
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