Bank of South Carolina announces Nasdaq delisting, SEC deregistration

the Board of Directors of Bank of South Carolina Corporation has notified the NASDAQ Stock Market of the Company’s intent to voluntarily delist its common stock from the NASDAQ Capital Market. The Company further intends to withdraw the registration of its common stock with the U.S. Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. The Company intends to file a Form 25 with the SEC to remove its common stock from listing on the NASDAQ Capital Market and to deregister its stock under Section 12(b) of the Exchange Act on or about September 4, 2023. The Company expects the last trading day of its shares of common stock on the NASDAQ Capital Market will be on or about September 14, 2023. Subsequent to the delisting of its common stock from the NASDAQ Capital Market, the Company intends to file a Form 15 with the SEC, however, the Company can offer no assurances as to when such filing to terminate the registration of its common stock under the Exchange Act will be effective. The Company has taken steps to cause its shares to be quoted on the OTCQX Market under the symbol “BKSC” beginning on or about September 15, 2023 and expects that its transition to the OTCQX will not create any disruption in trading. As a bank holding company, the Company is eligible to deregister with the SEC because it has fewer than 1,200 shareholders of record. The decision by the Company’s board of directors to delist and deregister its common stock was based on numerous factors, including the significant cost savings of no longer filing periodic reports with the SEC, as well as reductions in accounting, audit, legal and other costs. The Company’s financial statements will continue to be audited by an independent accounting firm, and the Company intends to publish quarterly and annual financial information via press releases or by postings on the OTCQX website and the Bank’s website. The Bank will also continue to report detailed quarterly financial reports to its primary federal regulator, which are publicly available.