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
Portfolio Pulse from Happy Mohamed
Republic First Bancorp, Inc. (NASDAQ:FRBK) has been notified by Nasdaq that its common stock will be delisted from the exchange as of August 23, 2023, due to the company's failure to file its Annual Report on Form 10-K for FY22. The company's stock is expected to begin trading on the OTC marketplace. The delay in financial filings is attributed to the former executive team's failure to maintain adequate internal controls and a systems conversion implemented in June 2022. The company may reapply to list on a major exchange after filing all delayed reports and meeting other listing requirements.
August 22, 2023 | 1:44 pm
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Republic First Bancorp's stock will be delisted from Nasdaq due to failure to file its Annual Report, which may negatively impact the stock's liquidity and visibility. However, the company plans to trade on the OTC marketplace and may reapply for listing on a major exchange after meeting requirements.
Delisting from a major exchange like Nasdaq often leads to decreased liquidity and visibility of a stock, which can negatively impact its price. However, the company's plan to trade on the OTC marketplace and potential reapplication for listing on a major exchange may mitigate some of these negative effects.
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IMPORTANCE 80
RELEVANCE 100