If they manage to stay on the NASDAQ - good - if they are delisted - look out below.
November 29, 2011 - 5:15 PM EST
Tennessee Commerce Bancorp Receives Notice of Deficiency From NASDAQ
FRANKLIN, Tenn., Nov. 29, 2011 (GLOBE NEWSWIRE) -- 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.
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