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.
In accordance with Marketplace Rule 5605(c)(4)(B), the Company will be provided a cure period in order to regain compliance with the Rule as follows: (a) the earlier of the Company's next annual shareholder's meeting or April 11, 2011, or (b) if the next annual shareholders' meeting is held before October 8, 2010, no later than October 8, 2010. The Company must submit to the Staff documentation, including biographies of any new directors, evidencing compliance with the Rule no later than the above deadline. If the Company cannot demonstrate compliance with the Rule by the above deadline, the Staff will provide written notice that the Company's common stock will be delisted. At that time, the Company may appeal the Staff's determination to delist its common stock to a Listing Qualifications panel.
The Company is actively seeking a qualified director to fill the vacancy on its audit committee and believes that it will be able to achieve compliance with the Rule by the stated deadline.