Primis Financial Corp. Secures Stay Extension for Nasdaq Listing
Primis Financial Corp. (NASDAQ: FRST) recently made headlines by announcing its reception of a stay extension regarding its delisting determination from Nasdaq. This important move allows the company to maintain its listing status while appealing Nasdaq's previous decision. On a recent hearing request that was submitted, Primis aims to clarify its position and continue its operations without interruption.
Details of the Hearing Request
On April 9, Primis Financial Corp. formally submitted a hearing request to The Nasdaq Stock Market LLC, wherein the company appealed Nasdaq's ruling on the delisting of its shares. Following this, a response was promptly received from the Nasdaq Hearings Advisor on April 10, setting the stage for the hearing to be on May 15. This stay offers the company a critical lifeline, allowing it time to prepare and ensure compliance with Nasdaq’s listing rules while awaiting the panel's final written decision.
Compliance Efforts and Future Plans
In the face of challenges regarding compliance, Primis Financial Corp. has expressed its intention to file the Form 10-K for the year concluding December 31, 2024, as soon as possible, ideally prior to the upcoming hearing. This proactive step signifies the company's commitment to stabilize its financial reporting and adhere to regulatory standards. By doing so, Primis aims to reassure shareholders and maintain investor confidence.
Overview of Primis Financial Corp.
At the close of 2024, Primis Financial Corp. boasted total assets amounting to $3.7 billion and total loans held for investment of $2.9 billion. Alongside, their total deposits reached $3.2 billion, reflecting their strong market presence and operational capabilities. The organization operates twenty-four full-service branches across Virginia and Maryland, expanding its service range through advanced online and mobile platforms designed for both individuals and small-to-medium-sized enterprises.
Company Leadership
Primis Financial Corp. is led by dedicated professionals committed to fostering growth and development within the company. Dennis J. Zember, Jr. serves as the President and CEO, with Matthew A. Switzer as the Executive Vice President and CFO. Their leadership plays a pivotal role in navigating the company through current challenges and ensuring strategic alignment with market trends.
Contact Information
For any inquiries, Dennis J. Zember, Jr. can be contacted directly at Primis Financial Corp. Additionally, contact details are available for the executive team, ensuring transparency and communication among stakeholders. Primis is located at 1676 International Drive, Suite 900, McLean, VA 22102. Feel free to reach out by phone at (703) 893-7400 for further assistance.
Frequently Asked Questions
What is the significance of the stay extension for Primis Financial Corp.?
The stay extension allows Primis Financial Corp. to maintain its Nasdaq listing while it addresses compliance issues. This gives the company time to align its reporting with Nasdaq's requirements.
When is the hearing scheduled for?
The scheduled hearing for Primis Financial Corp. is set for May 15. This hearing will play a crucial role in the company's appeal process.
What are the total assets of Primis Financial Corp.?
As of December 31, 2024, Primis Financial Corp. reported total assets of approximately $3.7 billion, showcasing a solid financial standing.
Who leads Primis Financial Corp.?
Primis Financial Corp. is led by CEO Dennis J. Zember, Jr. and EVP and CFO Matthew A. Switzer. Their leadership is integral for the company's strategy and operations.
How can I contact Primis Financial Corp.?
You can contact Primis Financial Corp. by calling (703) 893-7400, or by visiting their offices located in McLean, VA.
