NSTS Bancorp Faces Delisting Concerns
Ticker: NSTS · Form: 8-K · Filed: Feb 10, 2025 · CIK: 1881592
| Field | Detail |
|---|---|
| Company | Nsts Bancorp, Inc. (NSTS) |
| Form Type | 8-K |
| Filed Date | Feb 10, 2025 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 3 min |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-standards, regulatory
TL;DR
NSTS Bancorp might get delisted - big trouble brewing.
AI Summary
NSTS Bancorp, Inc. filed an 8-K on February 10, 2025, reporting a notice of delisting or failure to satisfy a continued listing rule or standard, with the earliest event reported on February 7, 2025. The company is incorporated in Delaware and headquartered in Waukegan, Illinois.
Why It Matters
This filing indicates potential issues with NSTS Bancorp's continued listing on an exchange, which could impact its stock trading and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards is a significant negative event for a publicly traded company.
Key Players & Entities
- NSTS Bancorp, Inc. (company) — Registrant
- February 7, 2025 (date) — Earliest event reported
- February 10, 2025 (date) — Filing date
- Waukegan, Illinois (location) — Principal Executive Offices
FAQ
What specific listing rule or standard has NSTS Bancorp failed to satisfy?
The filing does not specify the exact rule or standard that NSTS Bancorp has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the earliest date of the event reported in this 8-K?
The earliest event reported in this 8-K filing is February 7, 2025.
When was this 8-K form filed with the SEC?
This Form 8-K was filed with the SEC on February 10, 2025.
Where are NSTS Bancorp's principal executive offices located?
NSTS Bancorp's principal executive offices are located at 700 S. Lewis Avenue, Waukegan, Illinois 60085.
What is the Commission File Number for NSTS Bancorp?
The Commission File Number for NSTS Bancorp, Inc. is 001-41232.
Filing Stats: 644 words · 3 min read · ~2 pages · Grade level 10.8 · Accepted 2025-02-10 15:15:25
Filing Documents
- nsts20250210_8k.htm (8-K) — 23KB
- 0001437749-25-003297.txt ( ) — 156KB
- noticker-20250207.xsd (EX-101.SCH) — 3KB
- noticker-20250207_def.xml (EX-101.DEF) — 12KB
- noticker-20250207_lab.xml (EX-101.LAB) — 15KB
- noticker-20250207_pre.xml (EX-101.PRE) — 12KB
- nsts20250210_8k_htm.xml (XML) — 3KB
01
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On January 3, 2025, NSTS Bancorp, Inc. (the "Company") notified The Nasdaq Stock Market ("Nasdaq") of the recent unexpected passing of Mr. Thaddeus M. Bond, Jr. At the time of his death, Mr. Bond was a director of the Company and a member and chairman of both its Nominating and Corporate Governance Committee and Compensation Committee. In the notice, the Company further notified Nasdaq that, as a result of Mr. Bond's passing, the Company's Board of Directors currently consists of six members, only three of whom are "independent directors" as defined in Rule 5605(a)(2) of the Nasdaq listing standards. Accordingly, the Company does not meet the requirements of Rule 5605(b)(1) of the Nasdaq listing standards, which requires that a majority of the Board of Directors of the Company be comprised of "independent directors" as defined in Rule 5605(a)(2) of the Nasdaq listing standards. On February 7, 2025, the Company received a letter from Nasdaq confirming that, due to Mr. Bond's death, the Company has temporarily fallen out of compliance with the requirements of Rule 5605(b)(1) of the Nasdaq listing standards. In accordance with Rule 5605(b)(1)(A) of the Nasdaq listing standards, the Company has until the earlier of its next annual stockholders' meeting or December 21, 2025 to regain compliance, or if the Company's next annual stockholders' meeting is held before June 19, 2025, then the Company must evidence compliance no later than June 19, 2025. Prior to the end of the cure period described above, the Company's Board of Directors intends to fill the vacancy on the Company's Board of Directors with a person who meets the requirements of Rule 5605(b)(1) of the Nasdaq listing standards. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the