Unless First NBCBank Holding Co. requests a hearing before the Nasdaq Listing QualificationsPanel by Oct. 5, the New Orleans-based company's common stock is subject to suspensionin trading Oct. 7 and delisting from the Nasdaq Global Select Market because ithad not filed all of its past due SEC reports by the deadline set forth in its complianceplan.
The advice was contained in a letter from the staff of Nasdaqthat First NBC received Sept. 28. First NBC intends to timely request a hearingbefore the panel. It expects to file its quarterly report on Form 10-Q for the periodended June 30 within the automatic stay period provided under Nasdaq rules.
On Sept. 23, First NBC said that it was further delaying its two most recent 10-Q quarterly reports"in an abundance of caution" as it worked with its accountants.
A week after, on Sept. 30, the company filed its Form 10-Q forthe period ended March 31. In it, First NBC disclosed that during the first quarter,the company's income available to common shareholders totaled $22.7 million, or$1.17 per share, compared to the restated $9.7 million, or 51 cents per share, forthe year-ago period.