Republic First Bancorp, Inc. Receives Notice of Additional Filing Delinquency From Nasdaq
May 19 2022 - 4:43PM
Republic First Bancorp, Inc. (NASDAQ: FRBK) ( the “Company”), the
holding company for Republic Bank, received written notification
from The NASDAQ Stock Market (“Nasdaq”) on May 13, 2022 that the
Company is not in compliance with the Nasdaq Listing Rules because
the Company has not yet filed its Quarterly Report on Form 10-Q for
the quarter ended March 31, 2022 (the “Quarterly
Report”). The Company had received an initial notice from Nasdaq,
dated April 1, 2022, relating to the Company’s failure to timely
file its 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.
As previously reported by the Company, the
Audit Committee of the Company’s board of directors has engaged
Wilmer Cutler Pickering Hale and Dorr LLP to advise it and conduct
an independent review concerning related party transactions,
certain of the Company’s controls, and any associated financial
statement and disclosure implications. The review is being
undertaken in connection with the audit of the Company’s financial
statements as of and for the year ended December 31, 2021. As a
result, the Company has not yet filed the Annual Report or the
Quarterly Report, and does not expect to file such Reports until
the review is completed.
This notice from Nasdaq has no immediate effect
on the listing of the Company's common stock on the Nasdaq Global
Market. As provided in the letters from Nasdaq dated April 1, 2022
and May 13, 2022, the Company has until May 31, 2022 to submit to
Nasdaq a plan to regain compliance. If Nasdaq accepts the plan
submitted by the Company, 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 date to
regain compliance.
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: |
Republic First
Bancorp, Inc. |
|
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Contact: |
Frank A. Cavallaro, CFO |
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(215) 735-4422 |
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