Commercial National Financial Corp. (CNAF), parent Company of Commercial Bank & Trust of PA, announced that its board approved the voluntary delisting of its common stock from Nasdaq and the deregistration of the Company's common stock with the Securities and Exchange Commission or SEC.
The company has notified the Nasdaq Stock Market of the Company's intent to voluntarily delist its common stock from Nasdaq.
The company intends to file an application on Form 25 to notify the SEC of the Company's withdrawal from Nasdaq on June 29, 2012.
The company anticipates that its common stock would be suspended from trading on June 29, 2012 and that, thereafter, its common stock would be quoted and traded under the symbol "CNAF" on the OTCQB Marketplace, operated by OTC Markets Group.
The company intends to file a Form 15 with the SEC on about July 10, 2012 to deregister its common stock under Section 12(g)(4) of the Exchange Act, and expects the deregistration to become effective 90 days after the Form 15 filing.
At that point, the company would suspend its periodic reporting obligations under Section 15(d) of the Exchange Act, including its obligation to file Forms 10-K, 10-Q and 8-K.
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