Republic First Bancorp, Inc. Receives Notice of Additional Filing Delinquency From Nasdaq
August 16 2022 - 3:31PM
Republic First Bancorp, Inc. (NASDAQ: FRBK) ( the “Company”), the
holding company for Republic First Bank d/b/a Republic Bank,
received written notification from The NASDAQ Stock Market
(“Nasdaq”) on August 11, 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 June
30, 2022 (the “Quarterly Report”). The Company received an
initial notice from Nasdaq, dated April 1, 2022, relating to the
Company’s failure to timely file its Annual Report on Form 10-K for
the fiscal year ended December 31, 2021 (the “Annual Report”) and a
notice from Nasdaq, dated May 13, 2022, relating to the Company’s
failure to timely file its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2022 (together with the Quarterly
Report, the “Quarterly Reports”). Nasdaq Listing Rule 5250(c)(1)
requires Nasdaq-listed companies to timely file all periodic
reports.
As reported by the Company in its Notification
of Late Filing on Form 12b-25, filed with the Commission on
August 16, 2022, and in Current Reports on Form 8-K, filed
with the Commission on April 1, 2022 and May 10, 2022, the
Audit Committee of the Company’s board of directors (the “Audit
Committee”) has engaged Wilmer Cutler Pickering Hale and Dorr LLP
(“WilmerHale”) 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 by WilmerHale is complete, and its
findings are currently being evaluated by the Company’s Audit
Committee and management and by the Company’s independent
registered public accounting firm 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 Reports, and does not expect to file
such reports until the evaluation of the findings of WilmerHale 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 most recent letter from Nasdaq dated
August 11, 2022, the Company has until September 27, 2022, 180
calendar days from the due date of the Annual Report, to regain
compliance.
About Republic First Bancorp, Inc.
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 the evaluation of the findings of WilmerHale and
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 press
release, 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 fiscal 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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