Xenith Bankshares, Inc. (NASDAQ: XBKS) recently shared that, as anticipated, on December 23, 2009, it received a letter from The NASDAQ Stock Market LLC stating that the December 22, 2009 merger of Xenith Corporation, a privately held company, with and into First Bankshares, Inc. (now known as Xenith Bankshares, Inc.) constituted a business combination that resulted in a "change of control" pursuant to NASDAQ Listing Rule 5110(a). Accordingly, the post-merger entity was required to satisfy all of NASDAQ's initial listing criteria and complete the initial listing process.
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The letter went on to state that the initial listing application was not approved because Xenith Bankshares did not meet the market value of publicly held shares requirement applicable for a company seeking initial listing on The NASDAQ Capital Market pursuant to NASDAQ Listing Rule 5505(b). Accordingly, Xenith Bankshares' common stock is subject to delisting unless the company requests a hearing before a NASDAQ Hearings Panel, thereby staying the delisting proceedings and any suspension in trading in the company's common stock.
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