United Community Banks Faces Listing Rule Issues
Ticker: UCB · Form: 8-K · Filed: Jul 26, 2024 · CIK: 857855
Sentiment: bearish
Topics: delisting, listing-rule, regulatory
Related Tickers: UCBI
TL;DR
UCBI flagged for potential delisting issues, filing 8-K on 7/26.
AI Summary
United Community Banks, Inc. (UCBI) filed an 8-K on July 26, 2024, to report a notice of delisting or failure to satisfy a continued listing rule or standard, along with a transfer of listing. The filing also includes Regulation FD disclosures and financial statements/exhibits.
Why It Matters
This filing indicates potential issues with United Community Banks' continued listing on an exchange, which could impact investor confidence and stock liquidity.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards is a significant concern that can lead to stock price volatility and reduced investor interest.
Key Players & Entities
- UNITED COMMUNITY BANKS, INC. (company) — Registrant
- 001-35095 (company) — Commission file number
- 58-1807304 (company) — IRS Employer Identification No.
- July 26, 2024 (date) — Date of earliest event reported
FAQ
What specific listing rule or standard has United Community Banks, Inc. failed to satisfy?
The filing does not specify the exact rule or standard that has not been met, only that a notice has been issued.
What is the nature of the transfer of listing mentioned in the filing?
The filing indicates a transfer of listing, but the details of this transfer are not provided in the provided text.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on July 26, 2024.
What is the principal executive office address for United Community Banks, Inc.?
The principal executive offices are located at 200 East Camperdown Way, Greenville, South Carolina 29601.
What is the SIC code for United Community Banks, Inc.?
The Standard Industrial Classification (SIC) code for United Community Banks, Inc. is 6022, which corresponds to State Commercial Banks.
Filing Stats: 708 words · 3 min read · ~2 pages · Grade level 11.8 · Accepted 2024-07-26 11:20:55
Key Financial Figures
- $1 — ich Registered Common stock, par value $1 per share UCBI Nasdaq Global Select Mar
Filing Documents
- ucbi-20240726.htm (8-K) — 34KB
- ex991pressreleasenyse.htm (EX-99.1) — 7KB
- united-communityxbanksxinc.jpg (GRAPHIC) — 307KB
- 0000857855-24-000051.txt ( ) — 621KB
- ucbi-20240726.xsd (EX-101.SCH) — 3KB
- ucbi-20240726_def.xml (EX-101.DEF) — 15KB
- ucbi-20240726_lab.xml (EX-101.LAB) — 27KB
- ucbi-20240726_pre.xml (EX-101.PRE) — 16KB
- ucbi-20240726_htm.xml (XML) — 4KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On July 26, 2024, United Community Banks, Inc. (the "Company"), acting pursuant to authorization from its Board of Directors, notified The Nasdaq Stock Market LLC ("Nasdaq") of its intention to voluntarily withdraw the listing of its common stock, par value $1 per share (the "Common Stock") and its depositary shares, each representing a 1/1000th interest in a share of the Company's Series I Non-Cumulative Preferred Stock (the "Depositary Shares") from Nasdaq and transfer each listing to the New York Stock Exchange (the "NYSE"). The Company expects the listing and trading of the Common Stock and Depositary Shares on Nasdaq to cease at the close of trading on August 5, 2024 and the listing and trading of the Common Stock and Depositary Shares on the NYSE to commence at market open on August 6, 2024. The Common Stock and Depositary Shares have been approved for listing on the NYSE, where they will trade under the symbols "UCB" and "UCB PRI," respectively.
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On July 26, 2024 the Company issued a press release regarding its intention to transfer the listing of the Common Stock and Depositary Shares from Nasdaq to the NYSE, attached hereto as Exhibit 99.1. The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities under Section 18 of the Exchange Act and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. EXHIBIT INDEX Exhibit No. Description 99.1 United Community Banks, Inc. Press Release, dated July 26, 2024 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. UNITED COMMUNITY BANKS, INC. By: / s / Jefferson L. Harralson Name: Jefferson L. Harralson Title: Executive Vice President and Chief Financial Officer Date: July 26, 2024