PHILADELPHIA, May 19, 2022 (GLOBE NEWSWIRE) — Republic First Bancorp, Inc. (FRBK) (the “Company”), the holding company of Republic Bank, received written notice from the NASDAQ Stock Market (“Nasdaq”) on March 13, 2022, the Company is not in compliance with Nasdaq listing rules because the Company has not yet filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (the “Report quarterly”). The Company had received a first notice from Nasdaq, dated April 1, 2022, regarding the Company’s failure to timely file its Form 10-K for the fiscal year ended December 31, 2021 (the “Annual Report”). Nasdaq Listing Rule 5250(c)(1) requires Nasdaq-listed companies to file all periodic reports in a timely manner.
As previously disclosed by the Company, the Audit Committee of the Company’s Board of Directors has engaged Wilmer Cutler Pickering Hale and Dorr LLP to advise and perform an independent review regarding related party transactions, certain Company controls and any associated financial statements and consequences of disclosure. The review is being undertaken in connection with the audit of the financial statements of the Company as at December 31, 2021 and for the year ended December 31, 2021. Accordingly, the Company has not yet filed the annual report or report quarterly and does not expect to file these reports until the review is complete.
This Nasdaq notice has no immediate effect on the listing of the Company’s common stock on the Nasdaq Global Market. As provided in Nasdaq’s letters dated April 1, 2022 and May 13, 2022, the Company has until May 31, 2022 to submit to Nasdaq a plan to return to compliance. If Nasdaq accepts the plan submitted by the Company, Nasdaq may grant an extension of the grace period for the Company’s common stock to remain listed for up to 180 calendar days from the date of the annual report to regain compliance.
About the Bank of the Republic
Republic First Bancorp, Inc. is the holding company of Republic First Bank, which does business as Republic Bank. Republic Bank is a full-service, state-chartered commercial bank whose deposits are insured up to applicable limits by the Federal Deposit Insurance Corporation (FDIC). The Bank offers diversified financial products in its thirty-four stores located in Greater Philadelphia, Southern New Jersey and New York City. Republic Bank stores have extended lobby and drive-thru hours, providing customers with some of the most convenient hours of any bank in its market. The Bank offers free checks, free coin counting, locally issued ATM/debit cards, and access to more than 55,000 free ATMs worldwide through the Allpoint network. The Bank also offers a wide range of residential mortgage products through its Mortgage Division which does business as Oak Mortgage Company. For more information on the Bank of the Republic, visit www.myrepublicbank.com.
This press release and oral statements made regarding the subjects of this release contain “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995 or the Reform Act, which may include, but are not limited to, statements regarding the Company’s estimates, plans, goals, expectations and intentions and other statements in this press release that are not historical facts, including statements identified by words such as “believe” , “plan”, “seek”, “expect”, “intend”, “estimate”, “anticipate”, “will” and similar expressions. All statements regarding the Company’s ability to regain compliance with Nasdaq listing requirements or to develop a plan acceptable to Nasdaq for an extension of the 60-day grace period, as well as statements expressing optimism or pessimism about future operating results are forward-looking statements within the meaning of the Reform Act. Forward-looking statements are based on management’s current beliefs and assumptions regarding future events and operating performance, and are inherently subject to significant uncertainties, contingencies and changes in circumstances, many of which are beyond the Company’s control. The statements contained in this press release are made as of the date of this press release, even if they are subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this current report on Form 8-K. For other factors that could cause actual results to differ materially from the forward-looking statements contained in this current report on Form 8-K, see the cautionary statement before the “Executive Summary” in Section 2 of this report. Company’s Quarterly Report on Form 10-Q for the three months ended September 30, 2021 and the risk factors contained in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
|Source:||Republic First Bancorp, Inc.|
|Contact:||Frank A. Cavallaro, Chief Financial Officer|