UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (date of earliest event reported): December 17, 2010
Tidelands Bancshares, Inc.
(Exact name of registrant as specified in its charter)
South Carolina
(State or other jurisdiction of incorporation)
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001-33065 |
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02-0570232 |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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875 Lowcountry Blvd., Mount Pleasant, South Carolina |
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29464 |
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(Address of principal executive offices) |
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(Zip Code) |
(843) 388-8433
(Registrant’s telephone number, including area code)
n/a
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On December 17, 2010, Tidelands Bancshares, Inc. (the “Company”), holding company for Tidelands Bank, received a letter from The NASDAQ Stock Market stating that the Company has not maintained a minimum Market Value of Publicly Held Shares of $5,000,000, as required for continued inclusion on the NASDAQ Global Market by NASDAQ Listing Rule 5450(b)(1)(C). The Company has 180 days in which to regain compliance. If at any time during this compliance period the Company’s MVPHS closes at $5,000,000 or more for a minimum of 10 consecutive business days, NASDAQ will provide written confirmation of compliance and this matter will be closed.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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TIDELANDS BANCSHARES, INC. | |
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Dated: December 23, 2010 |
By: |
/s/ Alan W. Jackson |
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Alan W. Jackson |
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Chief Financial Officer |