Midland States Bancorp Navigates Compliance with Nasdaq Rules
Midland States Bancorp Faces Nasdaq Compliance Challenge
Midland States Bancorp, Inc. (NASDAQ: MSBI) is currently addressing a notification from the Nasdaq Stock Market, which indicates a challenge in complying with their reporting requirements. This situation arises from a delayed filing of their Annual Report on Form 10-K for the year ending on December 31, 2024. The company has openly communicated about this issue and is committed to resolving it swiftly.
Understanding the Compliance Notification
The notification was received by the company on a recent date and pointed out that Midland States Bancorp did not meet Nasdaq Listing Rule 5250(c)(1). This rule mandates that companies listed on Nasdaq must timely submit all necessary reports. The company filed a Notification of Late Filing (Form 12b-25) with the SEC, indicating their specific circumstances surrounding the delayed filing.
Next Steps for Compliance
Midland States Bancorp is fully aware of the importance of compliance and is taking proactive measures to address the situation. According to Nasdaq regulations, the company has been granted a 60-day window to present a plan that would outline how they will regain compliance with the listing rule. They have the option to request an extension, which could provide additional time to meet compliance standards.
Impact and Future Actions
It is crucial to note that despite the notification from Nasdaq, there are no immediate consequences for the trading of the company's stock. This assurance allows Midland States Bancorp to focus on addressing the underlying issues without further market disruptions. The company expects to file its overdue Form 10-K shortly and is channeling efforts towards completing its audits and ensuring proper internal controls are in place.
About Midland States Bancorp, Inc.
Established as a community-focused financial holding company, Midland States Bancorp is the parent organization of Midland States Bank. Based out of Effingham, Illinois, this institution has been catering to the financial needs of its community for years. As of their last reported figures, the company boasts assets around $7.53 billion and offers a diverse portfolio of banking and financial services. Their operational strength includes commercial and consumer banking, business financing, and wealth management services, demonstrating their commitment to comprehensive financial solutions.
Looking Ahead
The company is committed to overcoming the current compliance hurdle and is optimistic about filing the overdue report soon. They are working diligently to finalize their assessments, particularly concerning their third-party lending and servicing arrangements, which require meticulous review and documentation. Furthermore, improving the internal control framework continues to be a priority, as they aim to reinforce the transparency and reliability of their financial reporting.
Frequently Asked Questions
What led to the notification from Nasdaq?
The notification was due to Midland States Bancorp's failure to file their Annual Report on Form 10-K in a timely manner as required by Nasdaq regulations.
How does this affect trading of the company’s stock?
Currently, there are no immediate impacts on the trading of Midland States Bancorp’s common stock, allowing for continued market activity while they work on compliance.
What is the timeline for regaining compliance?
The company has 60 days to submit a compliance plan to Nasdaq and may request an extension of up to 180 days for full compliance.
What steps is the company taking to resolve the issue?
The company is taking steps to finalize its evaluation and documentation related to its financial reporting and internal controls, aiming to submit the Form 10-K as soon as possible.
Where can I find more information about Midland States Bancorp?
For additional details about the company and its services, you can visit their official website and explore their offerings.
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