Primis Financial Corp. announced on April 9, 2025, that it received a notice from Nasdaq on April 3, 2025, indicating noncompliance with Nasdaq Listing Rule 5250(c)(1). This noncompliance stems from the company's failure to timely file its Annual Report on Form 10-K for the period ending December 31, 2024.
As the company is subject to a one-year 'Panel Monitor' under Nasdaq Listing Rule 5815(d)(4)(B), it is required to appeal this determination to a Hearings Panel by April 10, 2025, to avoid delisting. Failure to appeal would result in the company's securities being scheduled for delisting and suspension of trading on April 14, 2025.
Primis filed an appeal on April 9, 2025, requesting a hearing before the Panel and an extension of Nasdaq's stay of delisting. This request automatically stayed any suspension of trading for 15 calendar days. The company plans to file the 2024 Form 10-K as promptly as practicable, expecting to do so prior to the hearing to regain compliance.
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