Hampton Roads Bankshares Regains Compliance With the NASDAQ Minimum Bid Price Rule
May 12 2011 - 4:01PM
Hampton Roads Bankshares, Inc. (Nasdaq:HMPRD) (the "Company"), the
holding company for Bank of Hampton Roads and Shore Bank, today
announced that it has received written notification from the NASDAQ
Global Select Market ("NASDAQ") indicating that the Company has
regained compliance with NASDAQ Listing Rule 5450(a)(1) (the "Bid
Price Rule") related to maintaining a minimum bid price of at least
$1.00 per share required for continued listing on NASDAQ. The
notification confirmed that the Company's common stock has
maintained a minimum bid price of at least $1.00 per share for at
least 10 consecutive business days, which is necessary to regain
compliance with the Bid Price Rule, and that the matter raised in
the November 17, 2010 NASDAQ letter to the Company is now closed.
John A. B. "Andy" Davies, Jr., President and Chief Executive
Officer, said, "We are pleased to have regained compliance with the
NASDAQ listing requirements. This is another issue behind us
as we continue to focus on improving our overall business and
enhancing value for our shareholders in 2011 and beyond."
The Company's previously announced reverse stock split became
effective on April 27, 2011, at 11:59 p.m. providing then current
shareholders with one new share of common stock in replacement of
every twenty-five existing common shares they held at the time (the
"Reverse Stock Split"). All fractional shareholdings were
rounded up to the nearest whole number of shares. The purpose
of the Reverse Stock Split was to bring the Company back into
compliance with the Bid Price Rule by increasing the trading price
of the Company's common stock above $1.00.
Caution about Forward-Looking Statements
Certain information contained in this discussion may include
"forward-looking statements." These forward-looking statements
relate to improving the Company's overall business and enhancing
shareholder value in 2011 and beyond. There can be no
assurance that the Company will be able to improve its overall
business or enhance shareholder value in the future. Factors
that could cause actual events or results to differ significantly
from those described in the forward-looking statements include, but
are not limited to those described in the cautionary language
included under the headings "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2010, as amended, and other filings
made with the Securities and Exchange Commission.
About Hampton Roads Bankshares
Hampton Roads Bankshares, Inc. is a bank holding company that
was formed in 2001 and is headquartered in Norfolk,
Virginia. The Company's primary subsidiaries are Bank of
Hampton Roads, which opened for business in 1987, and Shore Bank,
which opened in 1961 (the "Banks"). The Banks engage in
general community and commercial banking business, targeting the
needs of individuals and small to medium-sized
businesses. Currently, Bank of Hampton Roads operates
forty-eight banking offices in Virginia and North Carolina doing
business as Bank of Hampton Roads and Gateway Bank & Trust
Co. Shore Bank serves the Eastern Shore of Maryland and
Virginia through eight banking offices and fifteen ATMs. Through
various affiliates, the Banks also offer mortgage banking services,
insurance, and investment products. Shares of the Company's
common stock are traded on the NASDAQ Global Select Market under
the symbol "HMPRD." Additional information about the Company
and its subsidiaries can be found at
www.hamptonroadsbanksharesinc.com.
CONTACT: Douglas J. Glenn
Executive Vice President, General Counsel and
Chief Operating Officer
(757) 217-3634
Hampton Roads Bankshares (MM) (NASDAQ:HMPRD)
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