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First Commerce Bank to Submit Nasdaq Capital Market Application
First Commerce Bank to Submit Nasdaq Capital Market Application.
About this update from First Commerce Bancorp Inc.
[{"type":"text","content":"LAKEWOOD, NJ / ACCESSWIRE / February 10, 2023 / First Commerce Bank (the "Bank") (OTC:CMRB) today announced that, in connection with its proposed holding company reorganization, it will be submitting an application to list the common shares of its proposed holding company on the Nasdaq Capital Market. The Bank believes that it meets the financial, liquidity and corporate governance requirements for listing on the Nasdaq Capital Market; however, any move to Nasdaq is contingent upon fulfilling those requirements and the new holding company registering its common stock with the Securities and Exchange Commission (the "SEC").The Bank intends to file a registration statement with the SEC following the completion of its proposed holding company reorganization pursuant to which it would register the holding company's common stock under the Securities Exchange Act of 1934 (the "'34 Act"). The Bank's common shares (and, following the completion of the holding company reorganization, the holding company's common shares) will continue to be quoted on the OTCPK Market until such time as the shares may be listed on the Nasdaq Capital Market if the application is approved by Nasdaq and the registration statement is declared effective by the SEC. It is currently anticipated that the holding company reorganization will be completed promptly after the Bank's annual meeting of shareholders being held in April 2023 for the purpose of, among other items, approving the holding company reorganization.In the event that the holding company reorganization is not completed, the Bank would directly apply to list its common shares on Nasdaq and become a public company filer under the '34 Act with the Federal Deposit Insurance Corporation.President & CEO Donald Mindiak commented, "We believe that the time is right for the Bank to move to the Nasdaq Capital Market and register with the SEC, and that this initiative affords the Bank better access to capital, the possibility for greater trading volume through a more comprehensive investor base, possible addition in a stock market index, and an enhanced ability to use our stock as acquisition consideration. Additionally, we believe that the successful execution of this initiative has the potential for providing enhanced franchise and shareholder value to our shareholder b...