The U.S Securities and Exchange Commission said that Pacific Capital Bancorp, the parent company of First Bank of San Luis Obispo, has to get their stock price above $1, or potentially be delisted from the Nasdaq stock market. [PacificCoastBusinessTimes]
Pacific Capital shares are currently selling at 77 cents and have traded below $1 since late August. The Nasdaq issues a warning after a company’s shares have traded below the $1 minimum bid for more than 30 consecutive business days.
The Santa Barbara-based banking firm said that it intends to issue a reverse stock split in the near future, which would bring the number of outstanding shares down, and push the per-share price up, according to the Pacific Coast Business Times.
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