At the end of the last session, Dearborn Bancorp, Inc. (NASDAQ:DEAR) had made a significant surge after nearly 460 thousand shares of the company’s common stock were traded. DEAR jumped up 70% to $0.34 and this way it reclaimed the value it lost last week after an announcement concerning the company’s NASDAQ delisiting.
Last Wednesday, an official press release showed that DEAR had received a letter from NASDAQ stating that the company’s compliance plan to cure a reporting deficiency had been rejected. The letter also stated that unless there is an appeal to the pronouncement, DEAR stock would be suspended from NASDAQ on November 29.
On the same day, DEAR declined 23% to $0.32 on a volume of 122 thousand shares, which is four times higher than the 3-month daily average.
Another significant decline took place on Monday when the stock plunged 37.50% down to $0.20 on a volume of 215 thousand shares.
On Monday, the company filed an 8-K in which it announced that it would not appeal the NASDAQ decision. Therefore, DEAR was enlisted on the OTC Pink limited information section. The 8-K also warns that “transactions reported may reflect inter-dealer prices, without retail markup, markdown or commissions, and may not necessarily represent actual transactions in the common stock. “.
