Glen Burnie Bancorp To Voluntarily Delist From Nasdaq And Deregister Common Stock With SEC

Glen Burnie Bancorp ("Bancorp") (NASDAQ:GLBZ), the bank holding Bancorp for The Bank of Glen Burnie ("Bank"), today announced that Bancorp's board of directors (the "Board") has approved the voluntarily delisting of Bancorp's common stock (and related common stock purchase rights) from The Nasdaq Capital Market ("Nasdaq") and the subsequent voluntary deregistration of its common stock with the U.S. Securities and Exchange Commission ("SEC") in order to terminate and suspend its reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

Simultaneously with this announcement, Bancorp notified Nasdaq today of its intention to voluntarily delist its shares of common stock from Nasdaq. In connection with the contemplated delisting and deregistration, Bancorp intends to file a Form 25 with the SEC on or about December 22, 2025. The delisting from Nasdaq is expected to become effective on January 1, 2026, 10 days after filing the Form 25. Bancorp currently expects that the trading of its common stock on Nasdaq will be suspended upon the filing of the Form 25 on or about December 22, 2025.

The Board based its decision to delist and deregister Bancorp's common stock on Bancorp's intention to provide liquidity to its stockholders following the delisting by taking actions within its control to have the common stock traded on the OTCQX, operated by OTC Markets Group Inc. (the "OTC"). Bancorp has filed an application for its common stock to be quoted on the OTCQX platform, operated by the OTC. Bancorp intends to continue to provide information to its stockholders and to take such actions to enable a trading market in its common stock to exist. There is no guarantee, however, that a broker will continue to make a market in the common stock and that trading of the common stock will continue on the OTCQX or otherwise or that Bancorp will continue to provide information sufficient to enable brokers to provide quotes for its common stock.

Following the delisting of Bancorp's common stock from Nasdaq, Bancorp intends to file a Form 15 with the SEC on or about January 2, 2026 certifying that it has fewer than 1,200 shareholders of record. Upon filing the Form 15, Bancorp's filing obligations under the Exchange Act will immediately be suspended, and its obligations to file certain Exchange Act reports and forms with the SEC, including certain Forms 10-K, 10-Q and 8-K, will cease. Bancorp will generally be relieved of all reporting obligations under the Exchange Act upon the effectiveness of the deregistration. Bancorp expects that the deregistration of its common stock will become effective 90 days after the filing of the Form 25 with the SEC.