Carver Bancorp, Inc. announced its voluntary decision to deregister its common stock with the SEC and delist from Nasdaq to join the OTCQX Market.
The move provides greater flexibility for long-term growth and aligns with over 300 banks trading on the OTC Markets.
Carver aims to reduce operating expenses while maintaining financial disclosure integrity during the transition.
Voluntary Delisting and Deregistration
Carver Bancorp voluntarily delists its common stock from Nasdaq and deregisters with the SEC to transition to the OTCQX Market.
Strategic Flexibility
The decision aligns with Carver's strategy to pursue initiatives supporting long-term growth and enhanced capital while reducing expenses.
Financial Reporting Changes
Upon deregistration, Carver's obligation to file periodic reports with the SEC will be suspended 90 days after filing Form 15.
Board of Directors Decision
The Board's careful consideration led to the conclusion that the delisting and deregistration would benefit the Company and its stockholders.
- The Company's financial metrics fit well for OTC trading, enhancing flexibility to pursue strategic initiatives.
- Transitioning to the OTCQX Market will reduce operating expenses and streamline financial disclosure processes.
- Delisting and deregistration aim to support growth and brand-building efforts in the long term.
Carver Bancorp's strategic move to list on OTCQX and deregister from the SEC reflects a thoughtful decision by the Board to enhance flexibility and reduce expenses while maintaining financial integrity. This transition aligns with the company's long-term growth objectives and strategic vision for the future.