- Current report filing (8-K)
December 28 2009 - 4:28PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
Current
Report
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of report (Date of earliest event reported):
December
21, 2009
EUROBANCSHARES,
INC.
(Exact
name of registrant as specified in its charter)
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Commonwealth of
Puerto Rico
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000-50872
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66-0608955
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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State
Road PR-1, Km. 24.5
Quebrada
Arenas Ward
San
Juan, Puerto Rico 00926
(Address
of principal executive offices) (Zip Code)
(787)
751-7340
(Registrant’s
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
3.01
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Notice
of Delisting or Failure to Satisfy a Continued Listing Rule or Standard;
Transfer of Listing.
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On
December 21, 2009, EuroBancshares, Inc. (the “Company”) received a letter from
The Nasdaq Stock Market (“Nasdaq”) stating that for the last 30 consecutive
business days preceding the date of the letter, the bid price of the Company’s
common stock had closed below the $1.00 minimum bid price required for continued
listing on the Nasdaq Global Select Market under Marketplace Rule
5450(a)(1). The notification has no effect on the listing of the
Company’s common stock at this time.
In
accordance with Marketplace Rule 5810(c)(3)(A), the Company has 180 calendar
days from the date of the Nasdaq letter, or until June 21, 2010, to regain
compliance with the minimum bid price rule. To regain compliance, the
closing bid price of the Company’s common stock must be at or above $1.00 per
share for a minimum of 10 consecutive business days, or such other period of
time as may be determined by Nasdaq. If the Company is unable to
regain compliance by June 21, 2010, Nasdaq will provide written notification to
the Company that the Company’s common stock is subject to
delisting. At that time, the Company may appeal Nasdaq’s delisting
determination, and may submit a plan for regaining compliance with the
rule. Alternatively, the Company could apply to transfer its
common stock to The Nasdaq Capital Market prior to that date if it satisfies all
of that market’s initial listing requirements, other than the minimum bid price
requirement. If the Company applies for such transfer and is approved,
then the Company would have an additional 180 days to regain compliance with the
minimum bid price rule while listed on The Nasdaq Global Select
Market.
The
Company issued a press release announcing its receipt of the notice from Nasdaq
described herein. A copy of the press release is attached hereto as
Exhibit 99.1.
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Item
9.01
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Financial
Statements and Exhibits.
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99.1
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Press
release of EuroBancshares, Inc., dated December 28,
2009.
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Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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EUROBANCSHARES,
INC.
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Date: December
28, 2009
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By:
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/s/ Rafael Arrillaga-Torréns,
Jr.
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Rafael
Arrillaga-Torréns, Jr.
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Chairman
of the Board, President and Chief Executive
Officer
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EXHIBIT
INDEX
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Exhibit
No.
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Description
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99.1
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Press
release of EuroBancshares, Inc., dated December 28,
2009.
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