PHILADELPHIA, Oct. 5, 2022
/PRNewswire/ -- Republic First Bancorp, Inc. (NASDAQ: FRBK)
(the "Company"), the holding company for Republic First Bank d/b/a
Republic Bank, announced that on September 29, 2022, the
Company was notified by the Listing Qualifications Department (the
"Staff") of The Nasdaq Stock Market LLC ("Nasdaq") that,
based upon the Company's continued non-compliance with the filing
requirement set forth in Nasdaq Listing Rule 5250(c)(1), the
Company's securities were subject to delisting unless the Company
requests a hearing before the Nasdaq Hearings Panel (the "Panel").
The Company intends to request a hearing, which will stay any
further action by the Staff, and to request a further stay of any
suspension action by the Panel pending the ultimate conclusion of
the hearing process. At the hearing, the Company will present its
plan to regain compliance with the filing requirement and request
an extension of time to do so.
![(PRNewsfoto/Republic Bank) (PRNewsfoto/Republic Bank)](https://mma.prnewswire.com/media/1874743/Republic_Bank_Logo.jpg)
In accordance with the Staff's earlier determination in this
matter, the Company was required to file its Annual Report on Form
10-K for the year ended December 31,
2021 (the "Annual Report") and Quarterly Reports on Forms
10-Q for the periods ended March 31, 2022, and June 30, 2022 (the "Quarterly Reports") by
September 27, 2022. This date
constituted the full extent of the Staff's discretion in this
matter and, as such, the Staff was required to issue the listing
determination.
The Company expects to file the Reports in the fourth quarter of
2022. The Company is currently conducting its review of and
procedures with respect to the Reports and associated financial
statements. Although the Company is working diligently to file
these Reports as soon as possible, there can be no assurance that
such Reports will be filed in the fourth quarter of 2022 or before
any hearing before the Nasdaq Hearings Panel, or that
the Nasdaq Hearings Panel will grant the Company's
planned request for a stay pending the hearing. If the Company's
planned appeal is denied or it fails to timely regain compliance
with Nasdaq's continued listing standards, the common stock of the
Company will be subject to delisting on The Nasdaq Global
Market.
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. 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, 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,
the Nasdaq Hearings Panel granting the Company's request for a
stay pending the hearing, the Company's request that the Staff
Determination be further stayed pending the resolution of the
Company's appeal, 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.
Contact: Frank A.
Cavallaro, CFO
(215)
735-4422
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SOURCE Republic First Bancorp, Inc.