BUSINESS WIRE--Omni Financial Services, Inc. (NASDAQ: OFSI) (the “Company”), the bank holding company for Omni National Bank, today announced that on July 10, 2008, the Company received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market (the “Staff”) notifying the Company that it fails to comply with Nasdaq’s minimum market value of publicly held shares (the “MVPHS”) requirement for continued listing set forth in Nasdaq Marketplace Rule 4450(a)(2) (the “Rule”), which requires companies to maintain a MVPHS of $5,000,000.
In accordance with Marketplace Rule 4450(e)(1), the Company will be provided 90 calendar days, or until October 8, 2008, to regain compliance. If, at anytime before October 8, 2008, the MVPHS of the Company’s common stock is $5,000,000 or greater for a minimum of 10 consecutive trading days, the Staff will provide written notification to the Company that it has achieved compliance with the Rule. If the Company does not regain compliance with the Rule by October 8, 2008, the company’s common stock is subject to delisting. At that time, the Company may appeal the Staff’s determination to delist its securities to a Listing Qualifications Panel.