DENVER--(BUSINESS WIRE)--United Western Bancorp, Inc. (NASDAQ: UWBK) (the “Company”), a Denver-based holding company whose principal subsidiary was formerly United Western Bank® (the “Bank”), today announced that on January 24, 2011 the NASDAQ Stock Market, LLC (“NASDAQ”) advised the Company that shares of the Company’s common stock would no longer be listed for trading on the NASDAQ Stock Market as of February 2, 2011 unless the Company files an appeal under applicable NASDAQ rules. Trading in the Company’s common stock was suspended by NASDAQ at the market open on January 24, 2011 due to the seizure of the Bank by the Federal Deposit Insurance Corporation on January 21, 2011. The seizure of the Bank by the FDIC was announced by the Company on January 21, 2011.
At this time the Company does not intend to appeal the determination of NASDAQ and does not expect that shares of its common stock will trade pursuant to publicly available quotation sources at any time in the future. The Company is currently delinquent in its current reporting obligations under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) and the Company is unable to say with any certainty whether or not it will be able to become current in such reporting obligations now or in the future. As previously disclosed, the Company and certain of its subsidiaries and affiliates may be required to seek protection under the federal Bankruptcy Code in order to seek a reorganization or pursue an orderly liquidation of those assets.
It is also unlikely that the Company’s common shares will ever be eligible to trade on the OTC Bulletin Board or the “Pink Sheets” since the Company must be current in its Exchange Act reporting requirements in order to be eligible to trade on the OTC Bulletin Board or the “Pink Sheets.”
On January 24, 2011, the Company was notified by one of the Anchor Investors to the previously announced Investment Agreement dated October 28, 2010 wherein the Company sought to raise at least $200 million that such Anchor Investor terminated the Investment Agreement.
Forward-Looking Statements
Certain statements contained in this press release may be deemed to be forward-looking under federal securities laws, and the Company intends that such forward-looking statements be subject to the safe harbor created thereby. Such forward-looking statements include, but are not limited to, statements regarding the Company’s efforts to protect its remaining assets, the Company’s efforts or lack thereof regarding regaining compliance with the current filing requirements for registrants under the Exchange Act and applicable Exchange Act regulations, filing for bankruptcy, and the delisting of the Company’s common stock on the NASDAQ Global Market. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include (a) the Company’s ability to continue as a going concern; (b) other risks detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009, Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2010, and subsequent filings with the Securities and Exchange Commission. The Company has not filed its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2010 and has no present plans to correct that omission.