Primis Financial Corp. Reinstates Stock Buyback Program
Primis Financial Corp. (NASDAQ: FRST) has taken a significant step toward enhancing its shareholder value. The company recently announced a stock repurchase program that allows for the purchase of up to 740,600 shares of its outstanding common stock. This initiative reflects Primis’s commitment to returning value to its shareholders through strategic financial decisions.
Stock Repurchase Program Details
The newly approved Stock Repurchase Program is set to commence immediately and will run for an estimated year. This gives the company the flexibility to repurchase shares either through open market transactions or privately negotiated deals. Such measures can help instill confidence in investors while also potentially driving up share prices by reducing the number of shares available on the market.
This program is structured to comply with specific regulatory frameworks, including Rule 10b-18, which governs stock repurchases. This regulation sets parameters designed to ensure that the buybacks are executed fairly without manipulating the stock's market price.
Strategic Timing and Repurchase Flexibility
Primis’s Board of Directors has allocated discretion on when and how many shares to repurchase. Market conditions, stock performance, and available funds will drive these decisions. Importantly, the company can start or stop buybacks at any point before the program's expiration date, allowing them to respond to ever-changing market dynamics.
Compliance with Nasdaq Listing Rules
Along with the announcement of the stock repurchase program, Primis Financial Corp. also reported that it successfully regained compliance with the Nasdaq Capital Market listing standards. This compliance underscores the firm's ongoing commitment to meeting necessary financial and operational benchmarks.
The Nasdaq Hearings Panel verified that Primis is in compliance with Listing Rule 5250(c)(1), which governs timely reporting of financial statements. This decision reflects the company's robust management practices and continuing efforts to adhere to regulatory standards.
Impact on Investors and Shareholders
Receiving the Compliance Decision reinforces investor confidence as it signals that the company is well-managed and committed to transparency and governance standards. This is crucial for existing and potential investors looking to allocate their resources wisely.
About Primis Financial Corp.
Primis Financial Corp. has established itself as a reliable financial institution, providing a wide array of banking services to consumers and small businesses. As of the latest reporting period, Primis boasts total assets of approximately $4.0 billion, with loans totaling $2.9 billion and deposits totaling $3.3 billion.
With a growing network of branches and increasing online presence, Primis continues to expand its reach in the banking sector. The company operates with a mission to offer exceptional financial services across various platforms to meet customer needs.
Company Contacts
For further inquiries regarding the stock repurchase program or any other corporate information, interested parties can reach out to the company's executive team:
Dennis J. Zember, Jr., President and CEO
Matthew A. Switzer, EVP and CFO
Phone: (703) 893-7400
Address: 1676 International Drive, Suite 900, McLean, VA 22102
Frequently Asked Questions
1. What is the primary purpose of the stock repurchase program?
The primary purpose is to enhance shareholder value by reducing the number of outstanding shares and potentially increasing each share's value.
2. When will the stock repurchase program begin?
The program will commence immediately and is expected to last for one year, subject to board discretion.
3. How does compliance with Nasdaq listing rules benefit the company?
Regaining compliance boosts investor confidence and affirms the company's dedication to maintaining high standards of governance and transparency.
4. Who can I contact for more information about Primis Financial Corp.?
Individuals can contact Dennis J. Zember, Jr. or Matthew A. Switzer at the company's office for any inquiries.
5. What are the implications of share repurchases on the company's financial health?
Share repurchases signify a strong financial position, as the company is utilizing its capital to invest back into itself and support shareholders.
