Princeton National Bancorp Inc. (PNBC), parent company of Citizens First National Bank, announced that it was delisting its common stock from the Nasdaq Global Market and that it expects that the stock will begin trading on the OTCQB Marketplace effective June 29, 2012.
The company stated that it received notification on April 18, 2012 from the Nasdaq Stock Market that it was not in compliance with Nasdaq's Marketplace Rule 5450(b)(1)(A), which requires it to maintain a minimum Stock Holders Equity of $10 million. The notification provided 45 days from their respective notification dates within which to regain compliance.
The company said it notified Nasdaq on June 18, 2012 of its intention to voluntarily delist its common stock from The Nasdaq Global Market. The Company expects that trading of its common stock will be suspended from The Nasdaq Global Market beginning with the close of trading on June 29, 2012.
The company's shares will continue to trade under the symbol PNBC on the computerized OTCQB system.
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