CARV News & Events

Dream Chasers said, "The listing of a company's stock is a critical component for any shareholder to invest in a company, and for a Board to seek to take away that fundamental component without a shareholder vote cannot be in shareholders' best interest. The only explanation can be a self-serving attempt to entrench management, reduce transparency to shareholders and reduce exposure to regulatory oversight. No one should take away a shareholder's right to vote on such a critical issue -especially a chronically underperforming board like Carver's who has no mandate based on the fact that 70% of retail shareholders voted against the Board at last year's annual meeting and a Board who's self-serving delisting announcement has cost shareholders close to $10m in stock market losses. Members of the Board together own less than 2% of shares - yet are attempting to make a unilateral decisions for 98% of the majority on such a crucial matter for the Company and shareholders. The Board has no skin in the game. Dream Chasers is once again working to gain Board representation for the retail shareholder base. The Board's self-serving delisting announcement from the NASDAQ is the biggest material change that has happened in the last 10 years - perhaps in the Bank's 75 year existence. How can the Board DESTROY half of Carver's market cap and DESTROY shareholder value without a shareholder vote especially since it is shareholders money at stake? This delisting action is a continuation of this Board's self-serving attempt at entrenchment and their attempt to disenfranchise shareholders rights. Their Board refreshment plan will take too long, and it is just another way for the Board and management to stack the Board with directors who have no material stake in Carver and do not represent Carver's core shareholder base which are retail investors. Don Felix is making 700K a year as the Bank loses millions and is likely to pocket as much as $3.4m if the bank was sold, yet it is under his watch that the Bank is back under OCC supervision...Through its relentless activism, Dream Chasers has been able to slowly effect positive changes that has benefited the Company, shareholders and the stock price over the last year or so. Instead of building on that momentum towards a possible capital raise at an attractive price, the Board chose shareholder value destruction with this reckless, self-serving decision. No shareholder should stand for this. Dream Chasers on behalf of all shareholders demands that the Board call a special meeting of shareholders and give all shareholders a chance to vote before any further steps are taking to delist the Company's shares. Dream Chasers urges ALL shareholders to contact the Board and Don Felix immediately and prevent this continuation of shareholder deception. Carver's best days could be ahead, but not on the path this Board is dangerously veering down."

Dream Chasers said, "Dream Chasers is calling on all shareholders - retail and institution - to remain calm in light of yesterday's 5 pm press release from Carver announcing its intention to delist from the NASDAQ and de-register with the SEC. Very few companies voluntary move from the prestigious NASDAQ to the pink sheets - and for the very few who do it's often for less scrutiny, less regulatory compliance, less stringent reporting, disclosure and governance standards. n the last 24 hours - and in the face of a very intense proxy contest - the Board of Directors of Carver has announced plans to delist its shares from the NASDAQ and deregister from the SEC. In a press release to shareholders on September 23, 2025, Dream Chasers put out a press release calling for a sale of the bank and said : "Dream Chasers appreciates the OCC for its focus and attention in helping Carver get on sound footing. But everything has a limit. This Board cannot be allowed to recklessly continue putting depositors and investors at risk. Shareholders should be vigilant to make sure this Board does not make any dilutive or anti-takeover moves - taking actions that would not be in the best interest of shareholders to keep their cushy pay - in the face of any DCCG-backed deal." Dream Chasers is not buying Carver's rationale on the NASDAQ delisting....Dream Chasers vehemently opposes delisting and de-registration, and encourages all shareholders to stand in solidarity against the harm to stockholders being created by this Board. The greatest opportunity a public company has to support long term growth and enhance capital is to play in one of the most liquid capital markets in the world - the NASDAQ. This is just another attempt by this Board to disenfranchise shareholders. It makes zero sense."

Carver Bancorp, the holding company for Carver Federal Savings Bank, announced its voluntary decision to deregister its common stock with the SEC and delist its common stock from The Nasdaq Stock Market to the OTCQX Market. The company has notified Nasdaq of its intent to voluntarily delist and withdraw the registration of its common stock with the SEC. The company expects the last trading day on Nasdaq will be on or about December 5. Following delisting from Nasdaq, the company expects its common stock will be quoted on the OTCQX Market beginning on or about December 8, under the symbol "CARV".