OptimumBank Holdings, Inc. Regains Compliance With NASDAQ Minimum Bid Price
FORT LAUDERDALE, Fla., June 19, 2013 (GLOBE NEWSWIRE) -- OptimumBank Holdings,
Inc. (Nasdaq:OPHC) ("Company"), the parent company of OptimumBank, announced
today that it has received a letter from The NASDAQ Stock Market ("Nasdaq")
advising that the Company has regained compliance with Nasdaq's minimum bid
price listing requirements.
As previously disclosed, on June 20, 2012, Nasdaq staff notified the Company
that its common stock failed to maintain a minimum bid price of $1.00 over the
previous 30 consecutive business days as required by the Listing Rule
5550(a)(2) of The Nasdaq Stock Market. On June 17, 2013, the Company received
notification from Nasdaq that for 10 consecutive business days, from June 3
through June 14, 2013, the closing bid price of the Company's common stock has
been at $1.00 per share or greater and the Company has regained compliance
with Listing Rule 5550(a)(2).The matter is now considered closed.
"We are very pleased that the stock has regained compliance and will continue
to be traded on the Nasdaq Capital Market. This is a positive development for
the Company and our shareholders and is in line with our desire to remain a
public company. The liquidity of public ownership lets shareholders trade
easily and encourages greater investor participation. As a public firm we may
more easily use our shares as future merger and acquisition currency," stated
Moishe Gubin, Chairman of OptimumBank Holdings, Inc.
OptimumBank offers a wide array of lending and retail banking products to
individuals and businesses in Broward, Miami-Dade and Palm Beach Counties
through its executive offices and three branch offices in Broward County,
Any statements in this news release that are not historical facts are
forward-looking statements as defined in the Private Securities Litigation
Reform Act of 1995. Words such as "expect," "believe," "intend," "estimate,"
"project," "may" and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are predicated on
management's beliefs and assumptions based on information known to Company's
management as of the date of this news release and do not purport to speak as
of any other date. Such statements reflect the view of Company's management as
of this date with respect to future events and are not guarantees of future
events, involve assumptions, and are subject to risks and uncertainties, such
as changes in the Company's plans, objectives, expectations, and intentions.
Should one or more of these risks materialize or should underlying beliefs or
assumptions prove incorrect, actual events could differ materially from those
discussed. Factors that could cause or contribute to such differences include
market conditions that may affect the results expected from the reverse stock
split. Forward-looking statements speak only as of the date they are made. The
Company does not undertake to update forward-looking statements to reflect
facts, circumstances, assumptions or events that occur after the date the
forward-looking statements are made. For any forward-looking statements made
in this news release or in any documents, the Company claims the protection of
the safe harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995.
CONTACT: Moishe Gubin, Chairman of the Board
Thomas A. Procelli, Chief Operating Officer at (954) 776-2332
Press spacebar to pause and continue. Press esc to stop.