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Pinnacle Bancshares Goes Private

Lora Bentley

Pinnacle Bancshares is delisting from the American Stock Exchange, according to bizjournals. And once again, the company says Sarbanes-Oxley is to blame.

 

bizjournals reports:

Going private will save the company "considerable costs" related to SEC reporting requirements, costs associated with implementing and complying with the Sarbanes-Oxley Act, stock listing fees and stock registrar costs, said Pinnacle CEO Robert B. Nolen Jr. in a written statement.

In order to delist, the company bought more than 1,800 shares back from 70 employees. Pinnacle now has fewer than 300 shareholders and will trade its stock on the OTC Bulletin Board, the story says.


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Add Comment      Leave a comment on this blog post
Feb 25, 2008 3:30 AM raj raj  says:
good Reply
Apr 10, 2008 4:16 AM lokenpal lokenpal  says:
How much is "considerable cost" and relative to what. Dont blame regulation only, as there other fundamental economic reasons for delisting. Reply

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