Madison-based Anchor BanCorp Wisconsin Inc. announced that its common stock will be delisted from the NASDAQ Stock Market and will instead by traded over the counter.
The company’s stock will cease trading on the NASDAQ effective with the open of business on Nov. 21. The company expects its common stock to begin trading under the "ABCW" symbol on the OTCQB Marketplace.
As previously disclosed on Nov. 10, the company was notified by NASDAQ that its common stock was subject to delisting based upon the company’s failure to satisfy NASDAQ’s minimum $1 bid price requirement.
"We initially thought that we would appeal this decision, but after a comprehensive review of the appeal process, including extensive discussion with our advisors, we’ve decided not to proceed," said Chris Bauer, president and chief executive officer of Anchor BanCorp. "While we feel very positive about our current plan to raise capital, due to the uncertainty of when the plan will be complete, we feel strongly that our time and resources would be better spent on our capital raising efforts."
The transition to the OTCQB Marketplace does not change the company’s obligation to file periodic and other reports with the U.S. Securities and Exchange Commission under applicable federal securities laws.
"Our stock’s change in trading venue does not have any impact on the company or the value of our stock," added Bauer. "The change to the OTCQB Marketplace will allow for a continued orderly trading market for our stock as we continue to pursue our capital raising efforts."
Operated by OTC Markets Group Inc., the OTCQB is a market tier for OTC traded companies.
