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8-K - FORM 8-K - BANK OF GRANITE CORP | g24741e8vk.htm |
Exhibit 99.1
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NEWS FOR IMMEDIATE RELEASE:
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September 24, 2010 |
BANK OF GRANITE CORPORATION
RECEIVES NASDAQ NOTICE
RECEIVES NASDAQ NOTICE
GRANITE FALLS, NORTH CAROLINABank of Granite Corporation (NASDAQ: GRAN) announced that on
September 22, 2010, the Company received a letter from The NASDAQ Stock Market notifying the
Company that, because the bid price for its stock has fallen below $1.00 per share, it no longer
complies with the minimum bid price requirement for continued listing on The NASDAQ Global Select
Market. Rule 5450(a)(1) of NASDAQs Listing Rules requires a minimum bid price of $1.00 per share.
Based on the closing bid price of the Companys common stock for the 30 consecutive business days
prior to the date of NASDAQs letter, the Company does not meet this requirement.
The notification does not result in the immediate delisting of the Companys common shares from The
NASDAQ Global Select Market. In accordance with NASDAQ Listing Rules, the Company has a 180 day
grace period until March 21, 2011 to regain compliance with the minimum closing bid price
requirement. To regain compliance, the closing bid price of the Companys common shares must meet
or exceed $1.00 per share for at least ten consecutive business days prior to March 21, 2011.
If the Company does not regain compliance by March 21, 2011, NASDAQ will provide written
notification of the delisting of the Companys shares. At that time, the Company may appeal
NASDAQs delisting determination to a NASDAQ Hearing Panel. Alternatively, the Company may be
eligible for an additional grace period if it applies to transfer the listing of its common shares
to The NASDAQ Capital Market and satisfies all criteria for initial listing on The NASDAQ Capital
Market other than the minimum bid price requirement.
The Company is considering actions that it may take in response to this notification in order to
regain compliance with the continued listing requirements, but no decisions about a response have
been made at this time.
Bank of Granite Corporations common stock trades on The NASDAQ Global Select Market under the
symbol GRAN. Bank of Granite Corporation is the parent company of Bank of Granite. Bank of
Granite operates twenty full-service banking offices in eight North Carolina countiesBurke,
Caldwell, Catawba, Forsyth, Iredell, Mecklenburg, Watauga, and Wilkes.
Contact for this release:
Scott Anderson, Chief Executive Officer, 828.345.6866 or sanderson@bankofgranite.com
Scott Anderson, Chief Executive Officer, 828.345.6866 or sanderson@bankofgranite.com
Jerry Felts, Chief Operating Officer and Chief Financial Officer, 828.322.5343 or
jfelts@bankofgranite.com
P.O. Box 128 Granite Falls, NC 28630 |
www.bankofgranite.com |
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