The stock of Mocksville-based Bank of the Carolinas has been dropped from the Nasdaq after the bank failed to maintain the minimum value of shares the exchange requires, the company said Wednesday.
Companies on the Nasdaq are required to have a collective market value of their shares of $5 million. The bank received notice that it had fallen below that threshold in August, and was given 180 days to comply, according to a securities filing.
At its most recent close, Bank of the Carolinas had a market capitalization of $1.75 million.
"Clearly we are disappointed that trading in our stock on Nasdaq has been suspended," Bank of the Carolinas CEO Stephen R. Talbert said in a statement. "Due to market conditions, we are not in a position to satisfy Nasdaq's continued listing requirements at this time. However, we remain committed to strengthening our company and focusing on the needs of our customers."
The bank has decided not to appeal the decision. Its stock will officially drop off the exchange March 5.
The stock will likely then be listed on the OTC Pink market. Bank of the Carolinas will seek to be quoted on the OTC Bulletin Board.
The bank has branches in Concord and Harrisburg. Earlier this month, the bank reported losing $29.2 million in full-year 2011.
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