CARROLL BANCORP (NASDAQ:CROL) Files An 8-K Other Events
Item 8.01.Other Events
On December 19, 2016, the Board of Directors of Carroll Bancorp,
Inc. (the Company) approved the Companys filing of a Form 15 with
the Securities and Exchange Commission (the Commission) on or
about March 22, 2017, to affect the voluntarily deregistration of
its common stock under Section 12 of the Securities Exchange Act
of 1934, as amended. The Company is eligible to deregister its
common stock because there are fewer than 1,200 holders of record
of its common stock. Upon the filing of the Form 15, the Companys
obligations to file certain reports and forms with the
Commission, including annual reports on Form 10-K, quarterly
reports on Form 10-Q and current reports on Form 8-K, will
immediately be suspended. The Company expects the deregistration
of its common stock to become effective 90 days after filing the
Form 15. Upon the effectiveness of the deregistration of the
Companys common stock, the Company will no longer be a public
reporting company.
The Company intends to deregister its common stock because it
believes that the cost of compliance with public company
reporting requirements outweighs any discernable benefit to the
Company or its stockholders, and that continuing to incur such
costs is not in their best interests. Factors influencing the
Companys decision to deregister include the following:
|
the accounting, legal and administrative costs of preparing |
|
the amount of time senior management is required to devote |
|
the already limited trading volume and liquidity in the |
The Companys common stock is traded on the OTC Pink Market,
operated by OTC Markets Group, a centralized electronic quotation
service for over-the-counter securities. For more information
about the OTC Pink Market, please see www.otcmarkets.com. The
Company expects that its common stock will continue to be traded
on the OTC Pink Market, so long as market makers demonstrate an
interest in trading in the Companys common stock. There is no
assurance, however, that trading in the Companys common stock
will continue on the OTC Pink Market or on any other securities
exchange or quotation medium. The Companys annual meeting of
stockholders will be moved to July 2017 such that the mailing
date of its proxy materials will occur after the effectiveness of
the Form 15 filing.
After deregistration of the Companys common stock is effective
and its periodic reporting requirements are suspended, the
Company will continue to file financial reports with its federal
regulator and intends to continue to provide interim unaudited
financial information and annual financial information via press
releases and by posting such information on its website
(www.carrollcobank.com).
SIGNATURES
About CARROLL BANCORP (NASDAQ:CROL)