PART II - RULES 12b-25(b) and (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)
☒ | | (a) | | The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense; |
| | (b) | | The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and |
| | (c) | | The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable. |
PART III - NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
SouthState Corporation (“SouthState” or the “Company”) is filing this Notification of Late Filing on Form 12b-25 with respect to its Annual Report on Form 10-K for the year ended December 31, 2023 (the “Form 10-K”). As previously announced on February 9, 2024, SouthState Bank, N.A. detected what was determined to be a cybersecurity incident on February 6, 2024. As part of its process to address the incident, SouthState proactively took measures to isolate parts of its network, which resulted in some disruption to its business processes, including those that serve as a conduit to exchange information and documents with its independent registered public accounting firm (the “External Auditor”). As a result, the audit process was delayed by approximately nine days in performing required audit procedures. Accordingly, SouthState has determined that it is unable to file its Form 10-K within the prescribed time period without unreasonable effort or expense. The delay in the audit process as a result of the cyber incident is the sole reason the Company requires additional time to file the Form 10-K.
SouthState currently intends to file the Annual Report on Form 10-K within the 15-day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended.
Forward Looking Statements
Statements included in this Form 12b-25, which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on, among other things, management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy and SouthState. Words and phrases such as “may,” “approximately,” “continue,” “should,” “expects,” “projects,” “anticipates,” “is likely,” “look ahead,” “look forward,” “believes,” “will,” “intends,” “estimates,” “strategy,” “plan,” “could,” “potential,” “possible” and variations of such words and similar expressions are intended to identify such forward-looking statements.
SouthState cautions readers that forward-looking statements are subject to certain risks, uncertainties and assumptions that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, SouthState’s ongoing assessment of the impacts of the cybersecurity incident and the impact of the incident on SouthState’s ability to complete certain processes and procedures to finalize the Form 10-K, the impact of the incident on SouthState’s customers, business, operations and financial results, and other factors that may affect future results of SouthState, as disclosed in SouthState’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed by SouthState with the U.S. Securities and Exchange Commission