Primis Financial Corp Extends Stay for Delisting
Primis Financial Corp. (NASDAQ: FRST) has recently shared significant news regarding the status of its common stock. The company announced that it received notification from Nasdaq indicating an extension of the temporary stay of delisting, while a hearing before the Nasdaq Hearings Panel is impending.
Understanding the Current Situation
This extension allows the company additional time as it prepares for a scheduled hearing that will address compliance issues previously raised by Nasdaq. It was reported that the hearing is set to take place as the panel seeks to review the circumstances surrounding the potential delisting.
The challenge arose when the company failed to submit its required Annual and Quarterly Reports to the Securities and Exchange Commission (SEC), which led Nasdaq to issue a Delisting Notice. As a result, the company was informed that its common stock could be delisted due to not meeting the Nasdaq Listing Rule that requires timely financial disclosures.
Company Actions and Financial Reporting
On October 15, 2024, Primis Financial Corp. took significant steps to remedy this situation by filing its Annual Report on Form 10-K. The company is actively working on finalizing its outstanding Quarterly Reports as promptly as possible to reinstate their compliance with Nasdaq’s reporting requirements.
The Financial Health of Primis Financial Corp
As of September 30, 2024, Primis Financial Corp. had impressive figures that bolster its standing. The total assets amounted to $4.0 billion, with total loans held for income also at $3.3 billion. Additionally, total deposits for the period were reported at the same value of $3.3 billion. These substantial financial metrics highlight the company's robustness despite the ongoing compliance challenges.
About Primis Financial Corp
Primis Bank serves a diverse array of customers, including individuals and small to medium-sized businesses. Operations are conducted through an extensive network of twenty-four full-service branches primarily located in Virginia and Maryland. Furthermore, the bank offers online and mobile banking services to enhance customer convenience.
Leadership Contact Information
The company is led by Dennis J. Zember, Jr., the President and CEO, and Matthew A. Switzer, EVP and CFO. They are dedicated to navigating the firm through these compliance challenges. Interested parties can reach out for inquiries regarding the company's activities by phone at (703) 893-7400.
Frequently Asked Questions
What is the current status of Primis Financial Corp regarding Nasdaq?
Primis Financial Corp has received an extension on the temporary stay of delisting while it prepares for a hearing before the Nasdaq Hearings Panel.
When is the hearing scheduled for?
The hearing for Primis Financial Corp before the Nasdaq Hearings Panel is about to take place amid ongoing compliance discussions.
What financial reports did Primis Financial Corp fail to file?
The company did not file its Annual Report on Form 10-K and the required Quarterly Reports on Form 10-Q as mandated by Nasdaq.
What actions has the company taken to address these issues?
Primis Financial Corp filed its Annual Report on Form 10-K on October 15, 2024, and is currently working to submit the outstanding Quarterly Reports.
What services does Primis Bank offer?
Primis Bank provides various financial services for customers, including banking through branches in Virginia and Maryland, and digital banking services for added convenience.
