On November 30, 2011, Carver Bancorp, Inc. (the “Company”) received notice from The Nasdaq Stock Market that the Nasdaq Hearings Panel had made a determination to transfer the listing of the Company's common stock from The Nasdaq Global Market to The Nasdaq Capital Market. The transfer will be effective at the opening of the market on December 2, 2011. The Company's common stock will continue to trade under the symbol “CARV.”
The Nasdaq Hearings Panel also directed the Company to submit an application for transfer to The Nasdaq Capital Market by December 7, 2011, and the continued listing of the Company's common stock on The Nasdaq Capital Market is subject to The Nasdaq Stock Market staff's review and approval of the application. The Company submitted the application on November 30, 2011.
The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as The Nasdaq Global Market. All companies listed on The Nasdaq Capital Market must meet certain financial requirements and adhere to corporate governance standards set forth in the Nasdaq rules. The Nasdaq Hearings Panel made the determination to transfer the listing of the Company's common stock because, at the time of the determination, the Company had failed to regain compliance with the Nasdaq Listing Rule requiring securities listed on The Nasdaq Global Market to maintain a minimum market value of publicly held shares (excluding shares held by directors, officers and 10% shareholders) of $5.0 million, but was in compliance with all listing requirements of The Nasdaq Capital Market, including the minimum market value of publicly held shares of $1.0 million.
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