On Mar. 2, PremierWest Bancorp announced that on Feb. 28, 2011, it received written notification from the Nasdaq Stock Market indicating that it has regained compliance with Nasdaq Listing Rule 5450(a) (1) for continued listing on the Nasdaq Global Market.
The notification confirmed that PremierWest Bancorp has maintained a minimum bid price of at least $1.00 per share or greater for at least 10 consecutive business days and that the matter raised in the March 2010 Nasdaq letter is now closed. As such, PremierWest Bancorp is no longer subject to possible delisting based on failure to maintain a minimum bid price.
In addition, effective March 11, 2011, the stock symbol for PremierWest Bancorp will return to PRWT, indicating the 20 business day announcement period for the recent 1 for 10 reverse stock-split has completed.
Commenting on the notification of compliance received by PremierWest Bancorp, James M. Ford, President & CEO said, “We are pleased to have regained compliance with the Nasdaq listing requirement and remain focused on increasing shareholder value in 2011 and beyond.”