PremierWest Bancorp in Medford, Ore., said it is no longer subject to delisting from the Nasdaq.
The $1.4 billion-asset company said Wednesday that it received notice from the Nasdaq on Monday that it is in compliance with listing requirements just shy of a March 10 deadline. Nasdaq warned PremierWest a year earlier that it faced delisting because its shares were trading below the $1 minimum bid price.
Shareholders approved a 1-for-10 reverse stock split, which took effect Feb. 10 and helped boost the company's share price, from 33 cents, to $3.73 the next day. Nasdaq confirmed that the shares have traded above $1 for 10 straight days, regaining compliance.
