🧵 At a Glance

Broadway Financial Corp (NASDAQ: BYFC), one of the rare publicly listed Black-led banks in the U.S., just pulled off a classic “no one’s watching so let’s sneak it in” move. On May 28, 2025, they dropped an 8-K announcing they’ll be voluntarily delisting from Nasdaq and deregistering from the SEC. Why? Because compliance is expensive when your market cap is flirting with irrelevance.

Yep, BYFC is saying “no more public scrutiny, please.” They’re going dark — and most investors didn’t even notice the lights turning off.

🏦 About Broadway Financial Corp

📉 What Did the 8-K Say?

Broadway Financial is voluntarily:

• Delisting from Nasdaq
• Deregistering its common stock under the Exchange Act
• Ceasing SEC filings

Timeline:

• May 28, 2025: 8-K filed
• Approx. June 7, 2025: Form 25 to be filed (official delisting)
• Approx. June 17, 2025: Form 15 to be filed (deregistration)
• Result: No more 10-Qs, 10-Ks, or investor conference calls. 🎤 Drop.

💰 Why Go Private?

Because being public ain’t cheap — especially if:

• You’re trading below $1/share
• You’ve got <300 shareholders of record
• Compliance costs are killing your bottom line
• Your stock is more Reddit meme than Wall Street darling

In BYFC’s case, staying listed was likely costing more than their quarterly profits — if there were any. So they’re exiting the circus.

🧾 A Quick Refresher on “Going Dark”

When a company voluntarily deregisters and delists:

• They stop filing with the SEC
• Investors can only rely on voluntary disclosures (if any)
• Stock may still trade OTC (Over-the-Counter), often thinly
• Shareholders are left guessing — unless they own enough to knock on the CEO’s door

In essence: it’s like getting ghosted by your investment.

🧪 Is This the End of BYFC?

Not necessarily. Broadway Financial is still a real bank — it’s just no longer going to be a publicly accountable one. The bank will:

• Continue operating
• Remain subject to banking regulations (FDIC, Fed etc.)
• Possibly look for private equity or M&A options

This move could be the prelude to:

• A merger
• A take-private acquisition
• A “quiet” wind-down

Or, in true zombie stock fashion, just a quiet drift into obscurity.

🤯 The Irony Here…

This comes just 4 years after BYFC merged with City First Bank, forming the largest Black-led minority depository institution (MDI) in the U.S. That merger was celebrated as a historic milestone.

And now? The party’s over, and the DJ unplugged the aux cable without warning.

🧠 EduInvesting Take

In 2021, BYFC was trending on FinTwit. In 2025, they’re quietly exiting stage left.

This is the unfortunate but honest truth of being a niche public company in a compliance-heavy world. Retail investors wanted to support a Black-led financial institution. But the markets — and maybe even BYFC’s own fundamentals — didn’t have the stamina.

BYFC’s exit is a reminder: being listed is a privilege, not a charity. And if no one’s buying the stock, who are you filing all those 10-Qs for?

🔥 What Happens to Your Shares?

• If you own BYFC, don’t panic. Shares may still trade OTC (over-the-counter), though with low volume and wider spreads.
• Liquidity will dry up faster than your ex’s apology texts.
• Dividends? Unlikely.
• Upside? Only if they sell or merge.

📉 Fair Value?

🤷‍♂️ Illiquid. No analyst coverage. No forward guidance.

But here’s a sarcastic range anyway:

• $0.40 – $0.80 (if someone actually wants to buy it)
• $0.00 (if you forget your login and the stock disappears into the abyss)

🚩 Red Flags Summary

• No longer required to disclose financials
• Delisting voluntarily = no exit pressure
• Minor liquidity + micro-cap = penny stock roulette

Tags: BYFC delisting, Broadway Financial Corp 8-K, Nasdaq exit, Form 15 BYFC, going dark companies, Black-led bank delisting, penny stock ghosting, community bank delisting, BYFC deregistration

Author: Prashant Marathe
Date: June 3, 2025