Tennessee Commerce Bancorp Receives Notice of Deficiency From NASDAQ
29 November 2011 - 11:15PM
Tennessee Commerce Bancorp, Inc. (Nasdaq:TNCC) (the "Company")
reported that on November 22, 2011, it received a deficiency letter
("Deficiency Letter") from The NASDAQ Stock Market LLC ("NASDAQ")
indicating that the Company was not in compliance with the
requirements for continued listing under NASDAQ Listing Rule
5250(c)(1), which requires that NASDAQ-listed companies file their
required periodic financial reports with the U.S. Securities and
Exchange Commission ("SEC") on a timely basis. The Deficiency
Letter was issued in accordance with standard NASDAQ procedures as
a result of the Company not yet having filed its Form 10-Q for the
period ended September 30, 2011 (the "Form 10-Q") with the SEC.
The Deficiency Letter states that the Company has 60 calendar
days or until January 23, 2012 to submit a plan to NASDAQ to regain
compliance with the filing requirements for continued listing on
the NASDAQ Global Market (the "Plan"). If the Plan is
accepted, the Company can be granted an exception of up to 180
calendar days or until May 14, 2012, to regain compliance.
Pending submission of the Plan, the Company's common stock will
continue to be listed for trading on the NASDAQ Global
Market. The Company expects to resolve the matter as soon as
possible or otherwise timely file the Plan; however, there can be
no assurance that the Plan will be accepted by NASDAQ. In the
event the Plan is not accepted, the Company has the right to appeal
to the NASDAQ Hearings Panel. The Company currently believes
that it will be able to file its Form 10-Q for the period ended
September 30, 2011 prior to January 23, 2012.
Caution about forward-looking statements
Certain information contained herein may include
"forward-looking statements." These forward-looking statements
relate to the expected filing of the Form 10-Q, regaining
compliance with NASDAQ requirements and NASDAQ's acceptance of the
Plan, if it becomes necessary, and the ability to appeal a decision
by NASDAQ to delist the Company's common stock. There can be
no assurance that the Company will be able to file its Form 10-Q
when expected, that the Company will regain compliance with NASDAQ
requirements, that NASDAQ will accept the Plan for regaining
compliance, if it becomes necessary, or that the appeal of any
NASDAQ determination to delist will be successful. Factors
that could cause actual events to differ from those expressed or
implied by such forward-looking statements include the cautionary
language under "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
Company's Annual Report on Form 10-K for the year ended December
31, 2010, as amended, the Company's Quarterly Reports on Forms 10-Q
for the quarters ended March 31, 2011 and June 30, 2011, and other
filings made with the SEC.
About Tennessee Commerce Bancorp, Inc.
Tennessee Commerce Bancorp, Inc. is the parent company of
Tennessee Commerce Bank (the "Bank"). The Bank provides a wide
range of banking services and is primarily focused on business
accounts. Its corporate and banking offices are located in
Franklin, Tennessee. The Company's common stock is traded on
the NASDAQ Global Market under the symbol "TNCC." Additional
information about Tennessee Commerce Bancorp, Inc. and Tennessee
Commerce Bank can be accessed at www.tncommercebank.com.
CONTACT: Frank Perez
Chief Financial Officer
(615) 599-2274
Tennessee Commerce Bancorp (TN) (MM) (NASDAQ:TNCC)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Tennessee Commerce Bancorp (TN) (MM) (NASDAQ:TNCC)
Historical Stock Chart
Von Jun 2023 bis Jun 2024