FORT LAUDERDALE, Fla., Oct. 14, 2015 (GLOBE NEWSWIRE) — OptimumBank Holdings, Inc. (NASDAQ:OPHC), the parent company of OptimumBank (“Company”), announced today that the delisting of OPHC stock from NASDAQ and moving to the OTC pink sheets was a processing error and has been corrected.
OptimumBank Holdings, Inc. is in the process of requesting an appeal of delisting from NASDAQ due to share price policies and that appeal was due to be submitted Friday, October 9th, 2015. Bank Chairman Gubin, who monitors the stock movement, noticed the shift to the OTC Pink sheets on October 13th and alerted the Bank that there was an issue with the appeals process.
OptimumBank, working with NASDAQ, was able to have the issue quickly resolved and the OPHC stock is again listed on NASDAQ and will be during the ongoing appeals process.
All parties agreed that the appeals process was clearly in motion and had been appropriately disclosed along with the notice of an appeal.
Bank Chairman Gubin reiterated the value to the Bank and Holding Company that NASDAQ provides. Chairman Gubin commented that, “Processing issues can always happen; clearly NASDAQ was more than willing to work with OptimumBank Holdings, Inc. to correct the issue in a timely fashion.” In addition, Chairman Gubin noted that despite the unusual volatility in the stock over the past two days, “The bank continues to be profitable and earnings will be announced in early November.”
This press release includes forward-looking statements and OptimumBank Holdings, Inc. intends for such statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements describe OptimumBank Holdings, Inc.’s expectations regarding future events. Future events are difficult to predict and are subject to risk and uncertainty which could cause actual results to differ materially and adversely. OptimumBank Holdings, Inc. undertakes no obligation to revise or amend any forward-looking statements to reflect subsequent events or circumstances.
CONTACT: For more information contact: Moishe Gubin, Chairman of the Bank Board, or Jeff Wagner, Chief Financial Officer, at: (954) 900-2800