Primis Financial Corp. Receives Nasdaq Notice Regarding Delayed 10-K Filing

Core Viewpoint - Primis Financial Corp. is facing potential delisting from Nasdaq due to non-compliance with filing requirements, specifically the failure to timely file its Form 10-K for the year ending December 31, 2024 [1][2] Group 1: Compliance and Regulatory Actions - On April 3, 2025, Nasdaq notified Primis that it is not in compliance with Listing Rule 5250(c)(1) due to the late filing of its Form 10-K [1] - The company has until April 10, 2025, to appeal this determination to a Hearings Panel to avoid delisting, with a hearing request already submitted [2][3] - The appeal process has temporarily stayed any suspension of trading for 15 calendar days, allowing the company's common stock to continue trading on Nasdaq during this period [3] Group 2: Financial Status and Operations - As of December 31, 2024, Primis Financial Corp. reported total assets of $3.7 billion, total loans held for investment of $2.9 billion, and total deposits of $3.2 billion [5] - The company operates twenty-four full-service branches in Virginia and Maryland, providing a range of financial services to individuals and small- to medium-sized businesses [5] Group 3: Future Compliance Expectations - Primis plans to file the Form 10-K as soon as possible, with expectations to do so before the scheduled hearing, which would bring the company back into compliance with Nasdaq Listing Rules [4] - The company believes it meets the standards for an extended stay of delisting during the appeal process and does not anticipate suspension or delisting of its securities [3][4]