Nasdaq delays delisting Primis Financial until May decision

Nasdaq has decided to postpone the delisting of Primis Financial, a bank holding company located in McLean, until the results of a May hearing are determined. The company missed the SEC filing deadline for its Form 10-K for the period ending on December 31, 2024, leading to the non-compliance notice from Nasdaq. As a result, Primis requested an appeal in response to Nasdaq’s decision, which temporarily suspended the delisting process and allowed the bank to continue trading its common stock on the exchange.

The hearing before the panel is scheduled for May 15, during which Nasdaq will evaluate whether to delist Primis based on the panel’s final written decision. Primis has committed to promptly submitting its Form 10-K in compliance with Nasdaq’s listing rules before the hearing takes place, ensuring adherence to regulatory requirements. The company’s headquarters in McLean oversees Primis Bank, which boasted total assets of $3.7 billion, total loans held for investment of $2.9 billion, and total deposits of $3.2 billion as of December 31, 2024.

Primis Financial’s mission to rectify its filing discrepancy exemplifies its dedication to upholding transparency and compliance within the financial sector. Nasdaq’s decision to extend the delisting deadline reflects a commitment to fair evaluation processes and providing companies with opportunities to address regulatory shortcomings. This level of engagement showcases Nasdaq’s commitment to working collaboratively with listed companies to ensure adherence to regulatory standards while safeguarding the interests of investors and stakeholders.

The impending panel hearing represents a pivotal moment for Primis Financial, as the company seeks to demonstrate its commitment to regulatory compliance and transparent operations. By prioritizing the timely submission of required filings, Primis aims to reinforce investor confidence and regulatory trust in its financial practices. The outcome of the May hearing will determine the future trading status of Primis on Nasdaq, shaping the company’s trajectory and standing within the financial marketplace.

As a vital player in the banking industry, Primis Financial recognizes the significance of regulatory compliance and transparency in fostering trust and credibility among investors and financial stakeholders. The company’s proactive approach to addressing regulatory shortcomings underscores its commitment to upholding industry standards and best practices. Moving forward, Primis aims to leverage this experience as a catalyst for enhanced governance and compliance measures to ensure sustained growth and success in the competitive financial landscape.