Atlantic Southern Financial Group, Inc. Elects to Voluntarily Delist From the Nasdaq Stock Market
January 21 2011 - 5:55AM
Atlantic Southern Financial Group, Inc. (Nasdaq:ASFN) (the
"Company"), the parent company of Atlantic Southern Bank, today
announced its intent to voluntarily delist the Company's common
stock from the Nasdaq Stock Market ("Nasdaq"). The Board determined
the costs, expenses and administrative burden of maintaining the
listing outweighed the benefits, given the level of trading
activity in the common stock and the expenses associated with
continued listing, including listing fees and compliance costs
relating to the issues identified below. The Company has
immediately proceeded with delisting by providing a written notice
to Nasdaq on January 20, 2011 of its intention to delist and will
file a Form 25 with the Securities Exchange Commission on January
31, 2011. The Company anticipates that Nasdaq will suspend
trading in the common stock within ten days of submission of its
written notice and expects the delisting from Nasdaq to become
effective February 10, 2011, ten days after filing its Form
25. Following clearance by the Financial Industry Regulatory
Authority of a Form 211 application filed by a market maker in the
Company's common stock, the Company expects that its shares will be
quoted on the OTC Bulletin Board. The Company will remain
subject to the periodic reporting requirements of the Securities
Exchange Act of 1934, as amended.
The Company has previously reported its receipt of notices from
Nasdaq indicating that the Company is not in compliance with the
following Nasdaq Global Market listing
requirements: (i) Marketplace Rule 5450(b)(1)(C), which
requires a minimum market value of publicly held shares ("MVPHS")
of $5,000,000; and (ii) Marketplace Rule 5450(a)(1), which requires
a minimum closing bid price of $1.00 per share. The Company
has been given until January 31, 2011 and June 8, 2011 to comply
with the MVPHS and bid price requirements, respectively.
After delisting, the Company will continue to provide investors
access to information filed with the Securities Exchange Commission
or other information required to be made public under securities
laws on the Atlantic Southern Bank website at
www.atlanticsouthernbank.com.
About Atlantic Southern Financial Group,
Inc.
With headquarters in Macon, Georgia, Atlantic Southern Financial
Group, Inc., operates nine banking locations in the middle Georgia
markets of Macon and Warner Robins, five locations in the coastal
markets of Savannah, Darien, Brunswick, one location in the south
Georgia market of Valdosta, Georgia and one location in the
northeast Florida market of Jacksonville, Florida. The Company
specializes in commercial real estate and small business
lending.
CONTACT: Edward P. Loomis, President & CEO, Atlantic Southern Bank
478-330-5820
Atlantic Southern Financial Grp., Inc. (MM) (NASDAQ:ASFN)
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