Republic First Bancorp, Inc. Receives Notice of Filing Delinquency From Nasdaq
April 06 2022 - 8:30AM
Republic First Bancorp, Inc. (NASDAQ: FRBK) ( the “Company”), the
holding company for Republic Bank, received written notification
from The NASDAQ Stock Market (“Nasdaq”) on April 1, 2022 that the
Company is no longer in compliance with the Nasdaq Listing Rules
since the Company has not yet filed its Annual Report on Form 10-K
for the year ended December 31, 2021 (the “Annual
Report”). Nasdaq Listing Rule 5250(c)(1) requires Nasdaq-listed
companies to timely file all periodic reports.
The Company has up to 60 days to either cure the
deficiency or to submit a plan to Nasdaq showing how it intends to
regain compliance. If the plan is accepted, Nasdaq can grant an
extension of the grace period for shares of the Company’s common
stock to remain listed for up to 180 calendar days from the Annual
Report’s due date to regain compliance.
This notice from Nasdaq has no immediate effect
on the listing of the Company's common stock on the Nasdaq Global
Market. As previously reported by the Company in its
Notification of Late Filing on Form 12b-25, filed with the
Securities and Exchange Commission (the “Commission”) on
March 17, 2022, and in its Current Report on Form 8-K,
filed with the Commission on April 1, 2022, the Company was
unable to file the 10-K for the fiscal year ended December 31, 2021
within the prescribed period because the Company’s audit committee
intends to engage independent legal counsel to conduct an
investigation concerning certain previously disclosed related party
transactions and related matters that are the subject of pending
litigation involving the Company. The Company expects to file the
Annual Report as soon as practicable.
About Republic Bank
Republic First Bancorp, Inc. is the holding
company for Republic First Bank which does business under the name
Republic Bank. Republic Bank is a full-service, state-chartered
commercial bank, whose deposits are insured up to the applicable
limits by the Federal Deposit Insurance Corporation (FDIC). The
Bank provides diversified financial products through its
thirty-four stores located in Greater Philadelphia, Southern New
Jersey, and New York City. Republic Bank stores have extended lobby
and drive-thru hours providing customers with some of the most
convenient hours compared to any bank in its market. The Bank
offers free checking, free coin counting, ATM/Debit cards issued on
the spot and access to more than 55,000 surcharge free ATMs
worldwide via the Allpoint Network. The Bank also offers a wide
range of residential mortgage products through its mortgage
division which does business under the name of Oak Mortgage
Company. For more information about Republic Bank, visit
www.myrepublicbank.com.
Forward Looking Statements
This press release, and oral statements made
regarding the subjects of this release, contains "forward-looking
statements" within the meaning of the Securities Litigation Reform
Act of 1995, or the Reform Act, which may include, but are not
limited to, statements regarding the Company’s estimates, plans,
objectives, expectations and intentions and other statements
contained in this press release that are not historical facts,
including statements identified by words such as “believe,” “plan,”
“seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and
similar expressions. All statements addressing the Company’s
ability to regain compliance with the Nasdaq listing requirements
or to develop a plan acceptable to Nasdaq for an extension of the
60 day grace period, as well as statements expressing optimism or
pessimism about future operating results are forward-looking
statements within the meaning of the Reform Act. The
forward-looking statements are based on management’s current views
and assumptions regarding future events and operating performance,
and are inherently subject to significant uncertainties and
contingencies and changes in circumstances, many of which are
beyond the Company’s control. The statements in this press release
are made as of the date of this press release, even if subsequently
made available by the Company on its website or otherwise. The
Company does not undertake any obligation to update or revise these
statements to reflect events or circumstances occurring after the
date of this Current Report on Form 8-K. For additional factors
that could cause results to differ materially from forward-looking
statements contained in this Current Report on Form 8-K, see the
cautionary language set forth before the “Executive Summary” in
Item 2 of the Company’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2021 and the Risk Factors contained in
Item 1A of the Company’s Annual Report on Form 10-K for the year
ended December 31, 2020.
Source: |
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Republic First
Bancorp, Inc. |
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Contact: |
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Frank A. Cavallaro, CFO |
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(215) 735-4422 |
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