Primis Financial Corp. announced on December 19, 2024, that it received a decision from the Nasdaq Hearings Panel granting its request for continued listing on the Nasdaq Capital Market. The Panel confirmed that the company has regained compliance with Listing Rule 5250(c)(1) as of December 11, 2024, resolving the previous delisting threat.
As a result of the compliance decision, Primis will be subject to a Mandatory Panel Monitor for a period of one year. This marks a significant step in addressing the financial reporting delays that led to the noncompliance notices.
Concurrently, the company's board of directors approved a stock repurchase program for up to 740,600 outstanding shares of common stock. The program commenced on December 19, 2024, and is scheduled to conclude on December 19, 2025, providing flexibility for capital management and signaling management's confidence in the company's valuation.
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