Pinnacle Bancshr (AMEX:PLE)
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From Jun 2019 to Jun 2024
Pinnacle Bancshares, Inc. (AMEX: PLE) today responded to questions
regarding its odd lot tender offer, which have been directed to Pinnacle
and Corporate Communications, Inc., the Information Agent for the tender
offer.
The purpose of the tender offer is to reduce the number of Pinnacle
stockholders of record under 300 and thereby reduce or eliminate
future servicing fees, SEC reporting costs and stock listing fees.
If the tender offer is successful, Pinnacle plans to deregister its
common stock with the Securities and Exchange Commission by
terminating the registration of its common stock under the Securities
Exchange Act of 1934 and becoming a non-reporting company. If that
occurs, Pinnacle will no longer file periodic reports with the SEC,
including annual reports on Form 10-KSB and quarterly reports on Form
10-QSB, and it will no longer be subject to the SEC’s
proxy rules.
If the tender offer is successful, Pinnacle also plans to delist its
common stock from the American Stock Exchange. Pinnacle expects that
its common stock thereafter will trade on the OTC Bulletin Board or
Pink Sheets.
Pinnacle will remain subject to reporting, compliance and oversight of
its banking operations by the Federal Reserve, FDIC and Alabama
Banking Department.
Following its deregistration from the SEC, Pinnacle expects to provide
its stockholders with quarterly and annual financial information.
Pinnacle Bancshares, Inc. has filed an amended Schedule 13E-3 with the
SEC in connection with the tender offer as a result of the extended
expiration date and in response to comments received from the SEC, which
includes a revised Offer to Purchase for Cash and related materials
discussing the odd lot offer in more detail. Stockholders and investors
are urged to read these materials since they contain important
information, including the various terms and conditions of the extended
offer. The amended Schedule 13E-3 can be retrieved from the SEC’s
website (www.sec.gov) or from
Pinnacle Bancshares, Inc.
Questions or requests for additional documents may also be directed to
Corporate Communications, Inc., the Information Agent for the tender
offer (Attention: Gil Fuqua), by telephone at (615) 324-7311 or by
facsimile at (615) 254-3420.
This press release is for informational purposes only and is not an
offer to buy or a solicitation of an offer to sell any shares of
Pinnacle Bancshares, Inc. common stock. The offer is being made solely
by the amended Offer to Purchase for Cash and the accompanying materials
delivered to the Company’s stockholders.