Primis Financial Corp. Updates on Nasdaq Compliance
Primis Financial Corp. (NASDAQ: FRST) has made significant strides in addressing its financial reporting obligations. In a recent announcement, the Company detailed efforts to tackle its delayed filings and regain compliance with the Nasdaq listing standards. The company aims to assure investors and stakeholders that it is on a positive path forward.
Progress on Filings
On the path to meeting compliance standards, Primis executed the filing of its restated Annual Report on Form 10-K for the year concluded on December 31, 2022. This milestone is a clear indicator of the company’s commitment to rectifying past filing delays. In the next planned move, they anticipate filing the Annual Report on Form 10-K for the year ended December 31, 2023, as early as possible.
Efforts to Address Delayed Reports
The organization is diligently working on its delayed Form 10-Q filings and aims to finalize these reports by the end of October. The target date for these filings is crucial in the effort to maintain the Company's compliance status with the Nasdaq listing requirements.
Nasdaq's Notice and Company Response
Recently, Primis received a notice from Nasdaq, addressing potential delisting due to lapses in compliance. The Company has since appealed this determination, initiating a review process that includes a hearing before a Nasdaq Hearings Panel. This appeals process is pivotal for Primis, as it allows trading to continue while the matter is under consideration.
Engagement with Nasdaq Hearings Panel
The appeal submitted by Primis has an automatic stay of trading suspension, which is critical for maintaining operational continuity. The Company is optimistic regarding this appeal and believes it meets the necessary criteria to avoid delisting.
Financial Position of Primis Financial Corp.
By mid-2024, Primis Financial Corp. reported total assets amounting to $4.0 billion. This financial strength is reflected in its total loans and deposits, also standing at $3.3 billion. The Company’s financial health is bolstered through its banking network, which comprises twenty-four full-service branches serving both individuals and small to medium-sized enterprises.
Services Offered by Primis Bank
Primis Bank provides a comprehensive array of financial services designed to cater to various customer needs. The combination of physical branches and cutting-edge digital services aims to deliver convenience and efficiency to its clientele.
Outlook for the Future
Primis Financial Corp. remains focused on ensuring that all regulatory requirements are met in a timely manner. The actions currently underway reflect a commitment to transparency and accountability, factors that are essential for both regulatory compliance and fostering investor trust.
Investors can rest assured that the Company is actively working to resolve all outstanding issues with Nasdaq. Primis remains upbeat about achieving compliance and enhancing its standing in the financial community.
Frequently Asked Questions
What is the status of Primis Financial Corp.'s Nasdaq compliance?
Primis is actively working to address its filing delays and has appealed a Nasdaq notice regarding potential delisting.
When does Primis expect to file its Form 10-K for 2023?
The Company anticipates filing the Annual Report on Form 10-K for the year ended December 31, 2023, shortly.
How is Primis Financial Corp. financially positioned?
As of June 30, 2024, Primis reported total assets of $4.0 billion, with total loans and deposits both at $3.3 billion.
What are the implications of the Nasdaq notice?
The notice presents a risk of delisting, but the Company has a pending appeal that temporarily protects trading status.
What services does Primis Bank offer?
Primis Bank provides a range of financial services to individuals and small to medium businesses, focusing on both in-person and digital banking solutions.
