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OLCB > SEC Filings for OLCB > Form 8-K on 2-Oct-2009All Recent SEC Filings

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Form 8-K for OHIO LEGACY CORP


2-Oct-2009

Other Events


ITEM 8.01 OTHER EVENTS

Ohio Legacy Corp received a notification letter from The Nasdaq Stock Market on October 1, 2009 indicating that effective September 30, 2009, the Company no longer meets the requirement under Rule 5550(a)(2) that its securities maintain a minimum bid price of $1.00 per share. Under Rule 5810(c)(3)(A), the Company has a grace period of 180 days in which to regain compliance. If at any time from the date of this notification until March 30, 2010 the bid price of the Company's shares closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will provide the Company written confirmation of compliance with Rule 5550(a)(2).

In the event the Company does not regain compliance with Rule 5550(a)(2) prior to the expiration of the grace period, it will receive written notification that its securities are subject to delisting. Alternatively, the Company may be eligible for an additional grace period if it meets the initial listing standards under Rule 5505, with the exception of bid price, for The Nasdaq Capital Market. If the Company meets the initial listing criteria, it will receive written notification that it has been granted an additional 180 calendar day compliance period.


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