🧵 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
| Item | Value |
|---|---|
| Ticker | BYFC (Nasdaq, for now) |
| Sector | Community Banking |
| Founded | 1946 |
| HQ | Los Angeles, California |
| Specialty | Serving minority communities |
| Market Cap | ~$20 million (as of delisting) |
| No. of Employees | ~60 |
📉 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
