OptimumBank Holdings (OPHC) in Fort Lauderdale, Fla., is optimistic that raising roughly $850,000 will help it remain on the Nasdaq.
OptimumBank sold 41,000 shares in the second quarter for an aggregate value of $51,000. On July 1, the company sold another 714,286 shares for $800,000.
The $132 million-asset bank is forecasting that the transactions, along with starting capital of $449,000 and a projected $1.4 million net income for the quarter that ended June 30, will exceed the $2.5 million minimum threshold required to maintain its stock listing.
The bank twice faced a possible delisting in the last year. In October, OptimumBank's capital levels fell below Nasdaq's minimum requirements, but it convinced the exchange that its earnings and performance had improved and that its low capital levels were due to a one-time expense.
OptimumBank's shares were trading at $1.30 Wednesday afternoon. The bank earned $330,000 in the first quarter.
"We'll continue to raise capital and do what we need to do to survive and thrive," Thomas Procelli, the bank's chief operating officer, said in an interview.