CINCINNATI, Jan. 26,
2023 /PRNewswire/ -- Cincinnati Bancorp, Inc. (the
"Company") (Nasdaq: CNNB), the holding company for Cincinnati
Federal, today announced its voluntary decision to deregister its
common stock with the Securities and Exchange Commission (the
"SEC") and delist its common stock from The Nasdaq Stock Market LLC
("Nasdaq").
The Company has notified Nasdaq of its intent to voluntarily
delist and withdraw the registration of its common stock with the
SEC. The Company intends to file a Form 25 (Notification of Removal
from Listing) with the SEC on or about February 6, 2023, and expects the last trading
day on Nasdaq will be on or about February
6, 2023. Following delisting from Nasdaq, the Company
expects its common stock will be quoted on the OTCQX Market
beginning on or about February 6,
2023, under the symbol "CNNB".
The Company also intends to file a Form 15 (Certification and
Notice of Termination From Registration) with the SEC on or about
February 16, 2023. Upon filing, the
Company's obligation to file periodic reports with the SEC,
including Forms 10-K, 10-Q and 8-K, will be suspended immediately
and will terminate when deregistration becomes effective 90 days
after the Form 15 is filed.
Robert A. Bedinghaus, Chairman
and Chief Executive Officer, said, "The Board of Directors
authorized SEC deregistration and Nasdaq delisting after concluding
that the significant costs and regulatory compliance burden of
remaining an SEC-reporting, Nasdaq-listed company outweighed the
current benefits of SEC registration and Nasdaq listing."
The Company will continue to provide stockholders with an annual
report containing audited consolidated financial statements, and
anticipates that quarterly interim financial information will be
made available on the Company's website at
www.cincinnatifederal.com. Cincinnati Federal will also
continue to file quarterly Call Reports with the Federal Deposit
Insurance Corporation, which are available at
www.fdic.gov.
About Cincinnati Bancorp, Inc.
Cincinnati Bancorp, Inc. is the parent company of Cincinnati
Federal. Cincinnati Federal is a community bank that operates
through its main office in Green
Township and three full-service branches in Greater Cincinnati (Anderson, Miami
Heights, and Price Hill),
and a full-service branch in Florence,
Kentucky. It also operates a lending center in Milford, Ohio.
Forward-Looking Statements
This press release contains certain forward-looking statements
that are based on assumptions and may describe future plans,
strategies and expectations of the Company. Forward-looking
statements can be identified by the fact that they do not relate
strictly to historical or current facts. They often include words
like "believe," "expect," "anticipate," "estimate" and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could" or "may." Certain factors that could cause actual results
to differ materially from expected results include changes in the
interest rate environment, changes in general economic conditions,
legislative and regulatory changes that adversely affect the
business of the Company and Cincinnati Federal, and changes in the
securities markets. Except as required by law, the Company does not
undertake any obligation to update any forward-looking statements
to reflect changes in belief, expectations or events.
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SOURCE Cincinnati Bancorp, Inc.