- Primis Financial Corp. (FRST, Financial) has received a stay extension from Nasdaq, delaying its potential delisting.
- A hearing is set for May 15, 2025, with plans to file a delayed Form 10-K before this date.
- The company maintains strong financials, with $3.7 billion in assets, $2.9 billion in loans, and $3.2 billion in deposits as of December 31, 2024.
Primis Financial Corp. (FRST) announced that it has secured a stay extension from Nasdaq concerning its delisting determination. The stay is effective until a final decision is made following a scheduled hearing on May 15, 2025. This extension temporarily halts the delisting process, providing the company additional time to comply with Nasdaq's listing requirements.
The company has expressed its intention to file its Form 10-K for the fiscal year ending December 31, 2024, before the hearing date. If accomplished, this filing would bring Primis Financial Corp. back into compliance with Nasdaq's regulations. This move is pivotal in addressing potential internal control issues that have led to the delayed filing.
As of the last reporting date, Primis Financial Corp. reported robust financials, including $3.7 billion in total assets, $2.9 billion in loans held for investment, and $3.2 billion in total deposits. The company operates through 24 full-service branches located in Virginia and Maryland, serving a broad customer base with various financial services.
The company's management remains optimistic about overcoming the current challenges and is focused on maintaining trust with investors by ensuring transparency and timely financial disclosures moving forward.
