Waccamaw Bankshares (fka WBNK)

[56Chevy]

Nasdaq gives Waccamaw Bankshares trading extension

By Wayne Faulkner
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Published: Wednesday, October 5, 2011 at 12:03 p.m.

The Nasdaq Stock Exchange has given Waccamaw Bankshares another chance to stay listed for trading, this time until as late as Dec. 5, according to an SEC filing Tuesday by the parent of Waccamaw Bank.

Nasdaq has threatened twice before to delist the stock – whose symbol is WBNK – because the bank has failed to file earnings reports for the first three quarters of this year as well as its 2010 annual report.

Waccamaw found out about the extension Friday, according to its filing with the Securities and Exchange Commission.

Nasdaq listed conditions for the extension.

Before Nov. 18, Waccamaw must provide the Nasdaq hearings panel with a detailed update on its progress toward compliance with exchange rules and its regulatory, banking and other issues that must be resolved before it can file its earnings reports.

Then, by Dec. 5, Waccamaw must file all its back earnings reports.

Nasdaq had most recently given Waccamaw a deadline for compliance of Sept. 27, but on Sept. 26, the bank told the exchange's hearings panel that it could not meet that deadline, according to Waccamaw's SEC filing.

If Waccamaw were to be delisted by Nasdaq, it would cut off its major source of capital, said Tony Plath of the University of North Carolina Charlotte.

The bank's stock has plunged over the past six months. It was trading Wednesday at around 21 cents a share. In the last 52 weeks it has traded as high as $2.10 a share and as low as 17 cents.


http://www.starnewsonline.com/article/20111005/ARTICLES/111009891