Primis Financial Faces Nasdaq Delisting Warning

TL;DR

Nasdaq says Primis Financial's stock price is too low, giving them until Oct 1 to fix it or get booted.

AI Summary

Primis Financial Corp. announced on April 4, 2024, that it received a notice from The Nasdaq Stock Market LLC regarding its failure to meet the minimum bid price requirement for continued listing. The company has a compliance period until October 1, 2024, to regain compliance by increasing its closing bid price to at least $1.00 per share.

Why It Matters

Failure to regain compliance could lead to Primis Financial Corp.'s common stock being delisted from the Nasdaq, potentially impacting its liquidity and investor confidence.

Risk Assessment

Risk Level: medium — The company is at risk of delisting from Nasdaq if it cannot meet the minimum bid price requirement within the specified timeframe.

Key Numbers

• $1.00 — Minimum Bid Price (Required to regain Nasdaq listing compliance)
• October 1, 2024 — Compliance Deadline (Date by which bid price must be at least $1.00)

Key Players & Entities

• Primis Financial Corp. (company) — Registrant
• The Nasdaq Stock Market LLC (company) — Listing Market
• April 4, 2024 (date) — Date of Notice
• October 1, 2024 (date) — Compliance Deadline
• $1.00 (dollar_amount) — Minimum Bid Price Requirement

FAQ

Filing Documents

• tm2411434d1_8k.htm (8-K) — 27KB
• tm2411434d1_ex99-1.htm (EX-99.1) — 11KB
• tm2411434d1_img001.jpg (GRAPHIC) — 7KB
• 0001104659-24-045260.txt ( ) — 221KB
• frst-20240404.xsd (EX-101.SCH) — 3KB
• frst-20240404_lab.xml (EX-101.LAB) — 33KB
• frst-20240404_pre.xml (EX-101.PRE) — 22KB
• tm2411434d1_8k_htm.xml (XML) — 3KB

01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously disclosed in the Notification of Late Filing on Form 12b-25 filed on March 18, 2024 and Amendment No. 1 filed April 1, 2024 by Primis Financial Corp. (the "Company"), with the Securities and Exchange Commission ("SEC"), the Company determined that it required additional time to complete its Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Form 10-K") in connection with the restatement of certain financial statements and ongoing "pre-clearance" process with the Office of the Chief Accountant of the Securities and Exchange Commission, and expected to receive notice from the Listing Qualifications Department of The NASDAQ Stock Market LLC ("Nasdaq") that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1). On April 4, 2024, the Company received a notice (the "Notice") from Nasdaq, which indicated that, as a result of the Company's delay in filing the 2023 Form 10-K, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Rule"), which requires Nasdaq-listed companies to timely file all required periodic financial reports with the SEC. The Notice states that the Company has 60 calendar days from the date of the Notice, or until June 3, 2024, to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company's plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date of its 2023 Form 10-K, or until September 30, 2024, to file its 2023 Form 10-K to regain compliance. The Notice has no immediate effect on the listing of the Company's securities on Nasdaq. The Company continues to work diligently to complete its 2023 Form 10-K and plans to file its 2023 Form 10-K as promptly as practicable, subject to completion of the pre-clearance process, to regain compliance with the Rule. The Company anticipates that it will f

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On April 9, 2024, the Company issued a press release in accordance with Nasdaq Listing Rule 5810(b) announcing that the Company had received the Notice. A copy of the press release is attached hereto as Exhibit 99.1. The information set forth in this Item 7.01 and Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in this Item 7.01 and Exhibit 99.1 attached hereto, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing to this Current Report.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits 99.1 Press Release dated April 9, 2024. 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PRIMIS FINANCIAL CORP. By: /s/ Matthew A. Switzer April 9 , 2024 Matthew Switzer Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR