Waccamaw to Appeal NASDAQ Decision

Waccamaw Bankshares, Inc. WBNK today said it will appeal a decision that would result in its common stock being de-listed from the NASDAQ Global Market. In a letter to Waccamaw officials on June 24 the Listing Qualifications Department of NASDAQ said it was denying the company's request for continued listing. NASDAQ notified the company on April 4 and June 24 that the company did not comply with NASDAQ's filing requirements for continued listing set forth in NASDAQ Listing Rule 5250(c)(1) because it had not filed its Annual Report on Form 10-K for 2010 or its Quarterly Report on Form 10-Q for the quarter ended March 31 with the Securities and Exchange Commission. NASDAQ's decision to deny the company's request for continued listing is based on the company's continued noncompliance with Listing Rule 5250(c)(1) and NASDAQ's determination that the company's plan to achieve compliance did not present definitive evidence of the company's ability to regain compliance within the time period permitted by the NASDAQ listing rules. In the meantime, Waccamaw officials have been working feverously with the auditing firm of Elliott Davis of Galax, Va. on verifying financial information in both the 10-K and 10-Q. The documents cannot be filed with the SEC until the audit is complete. "It's been extremely frustrating," said Waccamaw President Geoff Hopkins. "The auditing firm wants to be certain that all the data and information are accurate to avoid any future restating of financial information and that is our goal as well. It's just unfortunate the process is taking so long."