FORT LAUDERDALE, Fla., Oct. 21, 2010 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (Nasdaq:OPHC) announced today that its Board of Directors approved a 1-for-4 reverse split of its common stock expected to take effect on the close of business on November 5, 2010. At the effective time of the reverse stock split, each four shares of OptimumBank's common stock outstanding will automatically convert into one share of common stock. Fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share.
As previously announced, the Corporation received notice from the NASDAQ Stock Market on June 29, 2010, stating that the minimum bid price of the Corporation's common stock was below $1.00 per share for thirty consecutive business days and that the Corporation was therefore not in compliance with NASDAQ listing rules. The reverse split is intended to enable the Corporation to gain compliance with the NASDAQ listing rules and keep the Corporation's common stock listed on NASDAQ. After the effective date, trading of the Corporation's common stock on the NASDAQ Capital Market will continue, on a reverse split-adjusted basis, with the opening of the markets on November 8, 2010.
The reverse split will reduce the Corporation's issued and outstanding shares of common stock from 3,276,842 shares of common stock to approximately 819,411 shares. The reverse split will also result in a pro rata decrease in the number of the Corporation's authorized shares of common stock from 6,000,000 shares to 1,500,000 shares. No vote or approval of shareholders is required under Florida corporate law.For the purpose of identifying a recent reverse stock split, the Corporation's trading symbol will be temporarily changed from "OPHC" to "OPHCD" for a period of twenty trading days beginning November 8, 2010. The Corporation's trading symbol is expected to revert to OPHC on December 7, 2010.