SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
February 24, 2014
Date of Report (Date of earliest event reported)
OPTIMUMBANK HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
2477 East Commercial Blvd.
Fort Lauderdale, Florida
|(Address of principal executive offices)||(Zip Code)|
(Registrants telephone number, including area code)
(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):
|¨||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
|¨||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)|
|¨||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))|
|¨||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 LISTING
On February 24, 2014, OptimumBank Holdings, Inc. (the Company) received a letter (the Nasdaq Letter) from the Listing Qualifications Department of The Nasdaq Stock Market (Nasdaq), notifying the Company that it was not in compliance with Nasdaq Listing Rule 5550(b)(1), which requires the Company to maintain a minimum of $2,500,000 in stockholders equity for continued listing on the Nasdaq Capital Market. As of December 31, 2013, the Company had stockholders equity of $104,000.
The Nasdaq Letter states that, unless the Company requests an appeal of the determination in the Nasdaq Letter no later than 4:00 p.m., Eastern Time, on March 3, 2014, then trading of the Companys common stock will be suspended at the opening of business on March 5, 2014, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Companys securities from listing and registration on The Nasdaq Stock Market. The Nasdaq Letter further states that if delisted, the Companys common stock may be immediately eligible to be quoted on the OTC Bulletin Board or in the Pink Sheets.
This Form 8-K contains 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. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in these provisions. Such statements involve certain risks and uncertainties, including statements regarding the Companys strategic direction, prospects and future results, anticipated future operating and financial performance, financial position and liquidity, business prospects, strategic alternatives, business strategies, regulatory and competitive outlook, investment and expenditure plans, capital and financing needs and availability, acquisition and divestiture opportunities, plans and objectives of management for future operations, and other similar forecasts and statements of expectation and statements of assumptions underlying any of the foregoing. Words such as will likely result, aims, anticipates, believes, could, estimates, expects, hopes, intends, may, plans, projects, seeks, should, will, and variations of these words and similar expressions are intended to identify these forward-looking statements. Certain factors, including those outside the Companys control, may cause actual results to differ materially from those in the forward-looking statements, including economic and other conditions in the markets in which the Company operates; inability to complete the investment announced today; managements ability to effectively execute the Companys business plan; regulatory enforcement actions to which the Company and the Bank are currently, and may in the future be, subject; changes in capital classification; changes in the economy affecting real estate values; inability to attract and retain deposits; changes in the level of non-performing assets and charge-offs; changes in the financial performance and/or condition of the Banks borrowers; inflation, interest rate, cost of funds, securities market and monetary fluctuations; changes in laws and regulations; competition; seasonality; and the other risks discussed in the Companys filings with the Securities and Exchange Commission, which discussions are incorporated in this Form 8-K by reference.
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.
|OPTIMUMBANK HOLDINGS, INC.|
|Date: February 27, 2014||By:|
|Thomas A. Procelli|
|Chief Operating Officer|