Community Shores Bank Corp. in Muskegon, Mich., said Monday that it is voluntarily delisting from the Nasdaq.
Community Shores said in a press release that it expected to file the delisting with the Securities and Exchange Commission on Dec. 16, when it also will cease trading its common stock on the Nasdaq.
Shares of the $247.7 million-asset company have traded below $1 since mid-October.
Nasdaq notified Community Shores on Oct. 12 that it faced delisting.
The company was given until April 11, 2011, to comply, but it said it is uncertain it can do so within the grace period.
Community Shores' stock closed at 65 cents a share on Friday and fell more than 18%, to 53 cents a share Monday afternoon, following the company's the announcement.
