Tennessee Commerce Bancorp Receives Anticipated NASDAQ Notice
22 3월 2008 - 5:30AM
Business Wire
Tennessee Commerce Bancorp, Inc. (NASDAQ: TNCC) (the �Company�)
today announced that on March 19, 2008, the Company received a
letter from the Listing Qualifications Staff of The NASDAQ Stock
Market (the �Staff Determination�) notifying the Company that it
fails to comply with NASDAQ�s filing requirement for continued
listing set forth in NASDAQ Marketplace Rule 4310(c)(14) and that
its common stock is, therefore, subject to delisting from The
NASDAQ Global Market. Management of the Company anticipated
receiving the Staff Determination as a result of the delayed filing
of its Form 10-K for the fiscal year ended December 31, 2007 (the
�2007 Form 10-K�). The Company previously announced on March 7,
2008 the reasons for the delay in filing the 2007 Form 10-K. The
Company plans to request a hearing before a NASDAQ Listing
Qualifications Panel (the �Panel�) to address the filing
deficiency, which will stay any action with respect to the Staff
Determination until the Panel renders a decision subsequent to the
hearing. The Company anticipates that the hearing will be scheduled
to occur within the next 45 days. In a press release dated March 7,
2008, the Company previously announced that the Audit Committee of
the Company�s Board of Directors had engaged a qualified,
independent audit firm to assist management in a reassessment of
the Company�s internal control over financial reporting. As
reported, this additional assessment resulted in a delay in the
filing of the 2007 Form 10-K. The Company has no reason to believe
that any internal control deficiencies will impact its previously
reported financial results for the quarter and the year ended
December�31, 2007. The Company can provide no assurance, however,
that additional control deficiencies will not be reported when the
2007 Form 10-K is filed. The Company intends to file the 2007 Form
10-K with the Securities and Exchange Commission as soon as
practicable after the reassessment is completed. Because the
Company is not certain how long the reassessment will take,
however, the Company cannot predict the timing of the filing of the
2007 Form 10-K at this time. About Tennessee Commerce Bancorp, Inc.
Tennessee Commerce Bancorp, Inc. is the parent company of Tennessee
Commerce Bank. The Bank provides a wide range of banking services
and is primarily focused on business accounts. Its corporate and
banking offices are located in Franklin, Tennessee and it has a
loan production office in Birmingham, Alabama. Tennessee Commerce
Bancorp�s stock is traded on The NASDAQ Global Market under the
symbol TNCC. Forward-Looking Statements Certain statements
contained in this news release may not be based on historical facts
and are �forward-looking statements� within the meaning of
Section�27A of the Securities Act of 1933, as amended, and
Section�21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements may be identified by their
reference to a future period or periods or by the use of
forward-looking terminology such as �anticipate,� �may,� �might,�
�plan,� �predict,� �will,� �would,� �could� or �intend.� These
forward-looking statements include, without limitation, statements
relating to the Company�s plans for its listing on The NASDAQ Stock
Market and the related NASDAQ Listing Qualifications Panel hearing
matters. We caution you not to place undue reliance on the
forward-looking statements contained in this news release in that
actual results could differ materially from those indicated in such
forward-looking statements because of a variety of factors. These
factors may include, but are not limited to, the Nasdaq hearing
process and other factors described from time to time in Tennessee
Commerce Bancorp�s filings with the Securities and Exchange
Commission. We undertake no obligation to update these
forward-looking statements to reflect events or circumstances that
occur after the date on which such statements were made.
Tennessee Commerce Bancorp (TN) (MM) (NASDAQ:TNCC)
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Tennessee Commerce Bancorp (TN) (MM) (NASDAQ:TNCC)
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