CINCINNATI, January 26, 2023 /PRNewswire/ — Cincinnati Bancorp, Inc. (the “Company”) (Nasdaq: CNNB), the holding company of Cincinnati Federal, today announced its voluntary decision to deregister its common stock with the Securities and Exchange Commission ( the “SEC”) and withdraw its common stock from the Nasdaq Stock Market LLC (“Nasdaq”).
The Company has notified Nasdaq of its intention to voluntarily delist and deregister its common stock with the SEC. The Company intends to file a Form 25 (Notice of Delisting) with the SEC on or about February 6, 2023and expects the last trading day on the Nasdaq to be on or about February 6, 2023. Following the Nasdaq delisting, the Company expects its common stock to be listed on the OTCQX market from or around February 6, 2023under the symbol “CNNB”.
The Company also intends to file a Form 15 (Certification and Notice of Termination of Registration) with the SEC on or about February 16, 2023. Upon filing, the Company’s obligation to file periodic reports with the SEC, including Forms 10-K, 10-Q and 8-K, will be immediately suspended and will terminate when the delisting becomes effective 90 days after filing Form 15.
Robert A. BedinghausChairman and Chief Executive Officer, said, “The Board of Directors has authorized the SEC delisting and the Nasdaq delisting after concluding that the significant costs and regulatory compliance burden of remaining a Nasdaq-listed company declaring to the SEC outweighed the current advantages of registration with the SEC and Nasdaq. SEO.”
The Company will continue to provide shareholders with an annual report containing audited consolidated financial statements and anticipates that quarterly interim financial information will be available on the Company’s website at www.cincinnatifederal.com. Cincinnati Federal will also continue to file quarterly call reports with the Federal Deposit Insurance Corporation, which are available at www.fdic.gov.
About Cincinnati Bancorp, Inc.
Cincinnati Bancorp, Inc. is the parent company of Cincinnati Federal. Cincinnati Federal is a community bank that operates through its principal office in township green and three full-service branches in Greater Cincinnati (anderson, Miami Heightsand Price Hill), and a full-service branch in Florence, Kentucky. It also operates a loan center at Milford, Ohio.
Forward-looking statements
This press release contains certain forward-looking statements that are based on assumptions and may describe the Company’s future plans, strategies and expectations. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe”, “expect”, “anticipate”, “estimate” and “intend” or future or conditional verbs such as “will”, “would”, “should “, “could” or “can”. “Some factors that could cause actual results to differ materially from expected results include changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of the Company and Cincinnati Federal, and changes in the securities markets.Except as required by law, the Company undertakes no obligation to update forward-looking statements to reflect changes in beliefs, expectations or of events.
SOURCECincinnati Bancorp, Inc.
