ABINGDON, Va., April 6, 2016 /PRNewswire/ -- Highlands Bankshares, Inc. (OTC Pink: HBKA), in response to increased shareholder demand, today announced that the Company has applied with OTC Markets Groups to upgrade to the OTCQX market. The Company's common stock currently is listed on the OTC Pink market. The new listing is anticipated to occur by the end of April 2016.
Among the OTC Markets Groups' listing tiers, OTCQX offers the best informed and most efficient trading for established, investor-focused U.S. and global companies. To qualify for OTCQX, companies must meet high financial standards, demonstrate compliance with U.S. securities laws, be current in their disclosures, and be sponsored by a professional third-party advisor. Highlands is proud that FIG Partners, LLC, a banking industry specialist, has committed to providing market making services to our shareholders. Designed for investor-focused companies, OTCQX ensures that investors and brokers have the quality of information that's necessary to intelligently analyze, value, and trade their securities.
A recently completed independent study concluded that the average company's trading the six months prior to listing compared with the subsequent six months exhibited the following improvements:
- Trading volume by number of shares increased by 53%
- Dollar volumes increase similarly by 57%
- Bid-ask spreads narrow by 4%
- The number of broker-dealers per security rises by 16%
Concurrent with the listing change, Highlands' trading symbol has changed from HBKA to HLND effective April 7, 2016. The new trading symbol, which is more closely aligned with the Company's name, is intended to strengthen the Company's brand and increase its profile within the investment community.
Beginning April 7, 2016 all information, including stock trading, SEC filings, and market data related to Highlands, will be reported under the new ticker symbol HLND. The CUSIP for company's common stock will remain unchanged. Outstanding stock certificates are not affected by the symbol change and will not need to be exchanged.
About Highlands Bankshares, Inc.
Highlands Bankshares, Inc. is a bank holding company and parent company of Highlands Union Bank. The Company and the Bank are headquartered in Abingdon, Virginia, and offer relationship-based financial services to small businesses, professionals, and consumers through digital channels as well as 14 branches located in Western North Carolina, Eastern Tennessee, and Southwest Virginia.
About FIG Partners, LLC
FIG Partners LLC is an Atlanta, Georgia based employee-owned broker/dealer specializing in financial institutions. FIG provides market-making services to approximately 850 banks and thrifts on both the NASDAQ and OTC Market.
Cautions Concerning Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements relating to financial and operational performance and certain plans, expectations, goals and projections. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, these statements are inherently subject to numerous assumptions, risks and uncertainties, and there can be no assurances that actual results, performance or achievements will not differ materially from those set forth or implied in the forward-looking statements. For an explanation of the risks and uncertainties associated with forward-looking statements, see the risk factors and other cautionary language included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, and other filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are based upon information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.
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SOURCE Highlands Bankshares, Inc.