CHARLESTON, S.C., Aug. 24, 2023 /PRNewswire/ -- Today, the Board of
Directors of Bank of South Carolina Corporation, (NASDAQ: BKSC)
(the "Company") the parent company for The Bank of South Carolina (the "Bank"), announced that it
has notified the NASDAQ Stock Market of the Company's intent to
voluntarily delist its common stock from the NASDAQ Capital Market.
The Company further intends to withdraw the registration of its
common stock with the U.S. Securities and Exchange Commission (the
"SEC") under the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). The Company intends to file a Form 25 with
the SEC to remove its common stock from listing on the NASDAQ
Capital Market and to deregister its stock under Section 12(b) of
the Exchange Act on or about September 4,
2023. The Company expects the last trading day of its shares
of common stock on the NASDAQ Capital Market will be on or about
September 14, 2023. Subsequent
to the delisting of its common stock from the NASDAQ Capital
Market, the Company intends to file a Form 15 with the SEC,
however, the Company can offer no assurances as to when such filing
to terminate the registration of its common stock under the
Exchange Act will be effective.
The Company has taken steps to cause its shares to be quoted on
the OTCQX Market under the symbol "BKSC" beginning on or about
September 15, 2023 and expects that
its transition to the OTCQX will not create any disruption in
trading.
Fleetwood S. Hassell, President
and Chief Executive Officer, stated, "Much consideration was given
to today's decision to change trading platforms and no longer be an
SEC registrant. We have been advised that these actions
should have no negative impact on the trading of our stock, but
they will most certainly result in significant cost savings for the
Company. We believe this affirms our continued commitment to
providing and increasing shareholder value."
As a bank holding company, the Company is eligible to deregister
with the SEC because it has fewer than 1,200 shareholders of
record. The decision by the Company's board of directors to delist
and deregister its common stock was based on numerous factors,
including the significant cost savings of no longer filing periodic
reports with the SEC, as well as reductions in accounting, audit,
legal and other costs. The Company's financial statements will
continue to be audited by an independent accounting firm, and the
Company intends to publish quarterly and annual financial
information via press releases or by postings on the OTCQX website
(www.otcmarkets.com/home) and the Bank's website
(www.banksc.com). The Bank will also continue to report
detailed quarterly financial reports to its primary federal
regulator, which are publicly available.
About Bank of South Carolina Corporation
The Bank of South Carolina Corporation is the holding company of
The Bank of South Carolina. The
Bank is a South Carolina
state-chartered bank with offices in Charleston, North
Charleston, Summerville,
Mt. Pleasant, James Island, and the West Ashley community
and has been in continuous operation since 1987. Our website
is www.banksc.com. Bank of South Carolina Corporation currently
trades its common stock on the NASDAQ stock market under the symbol
"BKSC".
Forward-Looking Statements
Certain statements herein constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements may be identified by words such as
"believes," "will," "expects," "project," "may," "could,"
"developments," "strategic," "launching," "opportunities,"
"anticipates," "estimates," "intends," "plans," "targets" and
similar expressions. These statements are based upon the current
beliefs and expectations of the Company's management and are
subject to significant risks and uncertainties. Actual results may
differ materially from those set forth in the forward-looking
statements as a result of numerous factors. Factors that could
cause such differences to exist include, but are not limited to,
general economic conditions, changes in interest rates, regulatory
considerations, competition and the other risks described in the
Company's Annual Report on Form 10-K and Quarterly Reports on Form
10-Q as filed with the Securities and Exchange Commission. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release.
Forward-looking statements speak only as of the date they are made,
and we assume no obligation to update any of these statements in
light of new information, future events or otherwise unless
required under federal securities laws.
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SOURCE Bank of South Carolina Corporation