BROOKLYN, N.Y., May 24, 2011 /PRNewswire/ -- Brooklyn Federal
Bancorp, Inc. (NASDAQ: BFSB) (the "Company"), the holding company
of Brooklyn Federal Savings Bank (the "Bank"), today announced that
on May 18, 2011, it received a letter
from The NASDAQ Stock Market (the "NASDAQ Letter") stating that the
Company is not in compliance with NASDAQ Listing
Rule 5250(c)(1) because the Company did not timely file its
Quarterly Report on Form 10-Q for the period ended March 31, 2011
(the "Notice") with the Securities and Exchange
Commission. The Notice of noncompliance has no immediate
effect on the listing or trading of the Company's common stock on
the NASDAQ Global Market.
As previously disclosed, the Company received four prior
letters, two of which were dated January 12,
2011, one dated February 15,
2011 and one dated March 7,
2011, from the NASDAQ stating that the Company is not in
compliance with the NASDAQ Listing Rules because it has not timely
filed its Form 10-K for the year ended September 30, 2010 or its Form 10-Q for the
quarter ended December 31, 2010, that
the Company is not in compliance with NASDAQ requirement that
securities listed on the NASDAQ Global Market maintain a minimum
Market Value of Publicly Held Shares of $5.0
million, and that the Company did not maintain a minimum bid
price of $1.00 per share for the
requisite period of time.
As previously reported by the Company in its Forms 12b-25 filed
with the SEC on December 27, 2010,
February 14, 2011 and May 16, 2011, respectively, the filings of the
above-referenced Form 10-K and Form 10-Q have been delayed due to
the resignation of the Company's independent registered public
accounting firm on December 20, 2010.
The Audit Committee of the Board of Directors of the Company
subsequently engaged a new registered public accounting firm which
has completed the latter stages of the audit of the Company's
September 30, 2010 financial
statements.
The Company has until May 31, 2011
to file its Form 10-K for the year ended September 30, 2010 and its Form 10-Q for the
period ended December 31, 2010, or,
in the alternative, to file an amended plan of compliance
requesting an extension to regain NASDAQ compliance for all of its
pending delinquent filings, including the Form 10-Q for the period
ending March 31, 2011, by
June 27, 2011. There can be no
assurance that NASDAQ will accept such amended plan of compliance
should the Company file such plan. The Company has until
July 11, 2011 to regain compliance
with the minimum Market Value of Publicly Held Stock of
$5.0 million. The Company has
until September 6, 2011 to regain
compliance with the minimum bid price requirement.
Forward-Looking Statements
Certain statements contained in this press release may be deemed
to be forward-looking under federal securities laws, and the
Company intends that such forward-looking statements be subject to
the safe harbor created thereby. Such forward-looking statements
include, but are not limited to, statements regarding the Company's
ability to file the Form 10-K. The Company cautions that these
statements are qualified by important factors that could cause
actual results to differ materially from those reflected by the
forward-looking statements contained herein. Such factors include
(a) risks detailed in the Company's Annual Report on Form 10-K for
the fiscal year ended September 30,
2009, and subsequent filings with the Securities and
Exchange Commission.
SOURCE Brooklyn Federal Bancorp, Inc.