MCLEAN, Va., Oct. 9, 2024 /PRNewswire/ — Primis Monetary Corp. (NASDAQ: FRST) (“Primis” or the “Company”) these days supplied an replace on its antisocial filings and procedure for regaining compliance with Nasdaq checklist necessities. On October 4, 2024, Primis filed its restated Annual Document on Method 10-Okay for the future ended December 31, 2022 and anticipates submitting is Annual Document on Method 10-Okay for the future ended December 31, 2023 on October 11, 2024. The Corporate may be operating diligently to finish its behind schedule Method 10-Q filings and is concentrated on submitting the ones through October 31, 2024 at which level the Corporate may have regained compliance with Nasdaq checklist requirements. As colorful additional underneath, Primis stocks proceed to be traded on Nasdaq and the Corporate does now not await any adjustments in its checklist situation previous to finishing touch of its filings.

As up to now disclosed, Primis was once granted a 180-day “exception period” through Nasdaq to finish its behind schedule filings and regain compliance with Nasdaq checklist necessities with the “exception period” expiring on September 30, 2024. Life the Corporate is making go on its filings, as evidenced through the submitting of its restated Method 10-Okay for 2022 and forthcoming submitting of Method 10-Okay for 2023, the Corporate was once not able to finish the behind schedule filings through September 30, 2024. As anticipated, on October 3, 2024, the Corporate won a realize (the “Notice”) from Nasdaq indicating that the Corporate’s stocks could also be delisted because of endured noncompliance with Nasdaq checklist laws. On October 8, 2024, the Corporate appealed Nasdaq’s choice in response to the procedures prepared forth within the Nasdaq Record Laws and asked a listening to (the “Hearing Request”) sooner than a Nasdaq Hearings Panel (the “Panel”) which most often pull playgrounds 30 to 45 days from the submitting of the attraction. The Listening to Request robotically stayed any abeyance of buying and selling thru October 23, 2024, and the Corporate additional asked that the brief keep be prolonged till the Panel problems a last determination at the subject. The Corporate believes that it satisfies the factors for the granting of such a longer keep and does now not await that the Corporate’s securities will likely be suspended or delisted because of the Realize.

Nasdaq checklist laws require the Corporate to divulge the precise foundation for the Realize, specifically the Corporate’s noncompliance with Nasdaq Record Rule 5250(c)(1) since the Corporate didn’t document its Annual Document on Method 10-Okay for the future ended December 31, 2023 (the “Form 10-K”), Quarterly Document on Method 10-Q for the quarter ended March 31, 2024 (the “Q1 Form 10-Q”) and Quarterly Document on Method 10-Q for the quarter ended June 30, 2024 ( the “Q2 Form 10-Q” and, along with the Q1 Method 10-Q, the “Form 10-Qs”) sooner than the expiration of the 180-day “exception period” that was once up to now granted through Nasdaq. Nasdaq Record Rule 5250(c)(1) calls for indexed firms to well timed document all periodic experiences with the Securities and Change Fee (the “SEC”). The Realize has incorrect fast impact at the checklist of the Corporate’s securities on Nasdaq.  As colorful above, the Corporate continues to paintings diligently to finish and document the Method 10-Okay and Method 10-Qs and to regain compliance with the Record Laws within the related year.

About Primis Monetary Corp.

As of June 30, 2024, Primis had $4.0 billion in general belongings, $3.3 billion in general loans and $3.3 billion in general deposits. Primis Storage supplies a space of economic products and services to people and small- and medium-sized companies thru twenty-four full-service branches in Virginia and Maryland and gives products and services to consumers thru sure on-line and cell programs.

Primis Monetary Corp., NASDAQ Image FRST
Site: www.primisbank.com

Ahead-Taking a look Statements

This press loose incorporates forward-looking statements throughout the that means of Division 27A of the Securities Work, and Division 21E of the Change Work, in regards to the Corporate that contain considerable dangers and uncertainties. All statements alternative than statements of ancient details contained on this press loose are forward-looking statements. In some circumstances, you’ll be able to establish forward-looking statements as a result of they include phrases comparable to “anticipate,” “believe,” “intend,” “may,” “plan,” “should,” “will,” or the detrimental of those phrases or alternative indistinguishable phrases or expressions. Noteceable components that can reason latest effects to vary materially from the ones within the forward-looking statements come with, however aren’t restricted to, an extra subject matter extend within the Corporate’s monetary reporting, together with because of unanticipated components or components that the Corporate lately believes won’t reason extend that might reason additional extend; the likelihood that the continuing evaluation would possibly establish backup mistakes or keep watch over deficiencies within the Corporate’s accounting practices; the chance that any restatements would possibly matter us to unanticipated prices or regulatory consequences and may just reason traders to lose self assurance within the accuracy and completeness of our monetary statements; the chance that the keep watch over deficiencies recognized or that can be recognized going forward will lead to backup subject matter weaknesses within the Corporate’s inner keep watch over over monetary reporting; the likelihood that the Corporate is not able to regain compliance with, or thereafter proceed to conform to, the Nasdaq Record Laws, or  revel in violations of backup Record Laws; the likelihood that Nasdaq would possibly disclaim the Corporate’s attraction and delist the Corporate’s securities; the initial nature of the monetary data contained herein and the likelihood that such effects may just materially exchange as they’re finalized and audited; the chance of investigations or movements through governmental government or regulators and the repercussions thereof, together with the imposition of consequences; the chance that the Corporate would possibly transform matter to shareowner proceedings or claims; dangers alike to our skill to put into effect and uphold efficient inner keep watch over over monetary reporting and/or disclosure controls and procedures going forward, which would possibly adversely have an effect on the accuracy and timeliness of our monetary reporting; the inherent boundaries in inner keep watch over over monetary reporting and disclosure controls and procedures; the scope of any restatement or deficiencies, if any, in inner keep watch over over monetary reporting and/or disclosure controls and procedures could also be broader than we lately await; remediation of any doable deficiencies with admire to the Corporate’s inner keep watch over over monetary reporting and/or disclosure controls and procedures could also be advanced and time-consuming; and the have an effect on of those issues at the Corporate’s efficiency and outlook and alternative components contained within the “Risk Factors” division and in different places within the Corporate’s filings with the SEC from year to year, together with, however now not restricted to, its Annual Document on Method 10-Okay and its Quarterly Studies on Method 10-Q. The forward-looking statements on this Wave Document on Method 8-Okay are based totally upon data to be had to the Corporate as of the life of this press loose, and presen the Corporate believes such data modes an affordable foundation for such statements, such data could also be restricted or incomplete, and its statements must now not be learn to suggest that the Corporate has carried out an exhaustive inquiry into, or evaluation of, all probably to be had related data. Those statements are inherently unsure and traders are cautioned to not unduly depend on those statements. Aside from as required through legislation, the Corporate assumes incorrect legal responsibility to replace those forward-looking statements, or to replace the explanations if latest effects vary materially from the ones expected within the forward-looking statements.

SOURCE Primis Monetary Corp.

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