Nasdaq threatens Pacific Capital Bancorp with delisting
October 15, 2010
The U.S Securities and Exchange Commission said that Pacific Capital Bancorp, the parent company of First Bank of San Luis Obispo, has to get their stock price above $1, or potentially be delisted from the Nasdaq stock market. [PacificCoastBusinessTimes]
Pacific Capital shares are currently selling at 77 cents and have traded below $1 since late August. The Nasdaq issues a warning after a company’s shares have traded below the $1 minimum bid for more than 30 consecutive business days.
The Santa Barbara-based banking firm said that it intends to issue a reverse stock split in the near future, which would bring the number of outstanding shares down, and push the per-share price up, according to the Pacific Coast Business Times.