CommerceBancorp Drops Off Nasdaq
- Share via
NEWPORT BEACH — CommerceBancorp, which has seen its stock price remain under $1 a share through February, said Wednesday that its stock no longer will be trading on the Nasdaq National Market computer system.
Starting today, stock in the holding company for CommerceBank in Newport Beach will trade on Nasdaq’s SmallCap Market, a system for companies with little capital or very low stock prices. The company’s stock, which did not trade Wednesday, closed at $1 a share Tuesday.
Nasdaq required the switch because the company no longer met its national market system standards, which require, among other things, that stock prices be consistently above $1 a share.
The bank, operating under regulatory restrictions, is arranging to offer new stock to existing shareholders and the public to raise more capital, its last defense against losses.
CommerceBancorp had just enough capital at the end of December to avoid an order from bank regulators to correct its problems promptly or face a federal takeover. Dale E. Walter, the bank’s president, said the bank expects to maintain its capital level through the first quarter, ending March 31.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
