Republic Bank Has Been Notified By The Listing Qualifications Department Of The Nasdaq That, As Of August 23, The Co's Stock Will No Longer Be Listed On The Exchange Because The Company Has Not Filed Its Annual Report On Form 10-K With The SEC For FY22
Republic First Bancorp, Inc. (NASDAQ:FRBK) ("Republic" or the "Company"), the parent company of Republic First Bank d/b/a Republic Bank, today announced that it has been notified by the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") that, as of the opening of business on August 23, 2023, the Company's common stock will no longer be listed on the exchange because the Company has not yet filed its Annual Report on Form 10-K with the Securities and Exchange Commission (the "SEC") for fiscal year 2022. The Company expects its common stock to promptly begin trading on the OTC marketplace, enabling investors to continue to access accurate information, including stock price quotes, and execute trades.
Republic's Board of Directors and new executive team have been working with the Company's auditor and outside advisors to complete and file all delayed reports as soon as practicable. Republic's audit and financial filings have been delayed, in part, by the former executive team's failure to maintain adequate internal controls and related to a systems conversion implemented in June 2022. Consequently, the audit process that new management and the Company's external advisors had to undertake has been extensive and time-consuming.
The Company may apply to list on a major exchange after it files all delayed reports and meets other listing requirements. The new management team remains focused on implementing Republic's strategic plan, which includes a renewed emphasis on core banking services, strengthening franchise value in its highly attractive Metropolitan Philadelphia and Southern New Jersey markets and improving operational efficiencies.
Additional information related to today's update is included in a Current Report on Form 8-K filed by Republic with the SEC. A Q&A document for investors is also available on Republic's investor relations website.