Peoples Financial Corp., parent company of The Peoples Bank, voluntary will delist its common stock from the NASDAQ Capital Market with the intention of trading on the OTC Market Group’s OTCQX Best Market.
The company notified NASDAQ of its intention and intends to file a Form 25 (Notification of Removal of Listing) with the Securities and Exchange Commission on Dec. 11. The company said in a press release it expects the last trading day of its shares of common stock on NASDAQ will be on Dec. 15 and trading to begin on OTCQX on Dec. 18 under the same ticker of PFBX.
Chairman Chevis Swetman said the decision by the board of directors was based on reducing costs to benefit investors and the company.
“Delisting is generally used in a negative way, for when companies no longer meet the requirements to be listed on an exchange, and are removed either voluntarily or involuntarily,” says an article on Nasdaq.com. “However, delisting technically just means the removal of a listed stock from its exchange, and there are a few reasons that can happen.”
The company’s financial statements will continue to be audited by an independent accounting firm and the company will continue to publish quarterly and annual financial information through press releases, postings on the OTCQX website and the company’s website.
Founded in 1896, with $657 million in assets as of Sept. 30, The Peoples Bank operates 18 branches in South Mississippi.