FORT LAUDERDALE, Fla., May 4, 2010 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (Nasdaq:OPHC) (the "Company") , bank holding company for OptimumBank, today announced that on April 28, 2010, OptimumBank Holdings, Inc. (the "Company") received a written notice from the Listing Qualifications Staff of The Nasdaq Stock Market (the "Staff") notifying the Company that it fails to comply with the audit committee composition requirement set forth in Nasdaq's Marketplace Rule 5605 (the "Rule") due to the resignation of the former audit committee Chairman, Irving P. Cohen, from the Company's board of directors on April 11, 2010. The Rule requires audit committees to have a minimum of three members who meet stringent independence requirements, are financially literate, and one of whom is financial sophisticated. As a result of Mr. Cohen's resignation, the Company's audit committee currently has two members, neither of whom has the requisite financial sophistication. The Company has no other current directors who could qualify for appointment to the audit committee.
OptimumBank Holdings, Inc. Receives Second Nasdaq Staff Deficiency Letter
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.