- Midland States Bancorp (MSBI, Financial) has 60 days to submit a compliance plan following a Nasdaq deficiency notice.
- The notice relates to the late filing of the 2024 Annual Report due to accounting evaluations.
- MSBI's listing is not immediately affected, with a possible extension up to 180 days.
Midland States Bancorp, Inc. (MSBI) announced that it received a deficiency notification from Nasdaq on April 3, 2025, for not filing its Annual Report on Form 10-K for the year ended December 31, 2024, within the required timeframe. This notification indicates non-compliance with Nasdaq Listing Rule 5250(c)(1), affecting adherence to periodic reporting requirements.
The delay arose from extra time needed to assess the accounting and financial reporting of a third-party lending and servicing arrangement, requiring additional documentation and analysis. Midland States Bancorp is also examining the potential impacts on its internal controls over financial reporting.
Despite the deficiency, the company's stock listing and trading on the Nasdaq Global Select Market remain unaffected immediately. Under Nasdaq’s rules, MSBI has 60 calendar days to submit a compliance plan. Nasdaq holds the discretion to extend this period up to 180 days, until September 29, 2025, to regain compliance.
The company is proactively working to address these issues and intends to regain compliance with Nasdaq's listing requirements as soon as practicable. Investors should consider the risks associated with the delayed filing and the ongoing evaluations of financial reporting controls.
