Nasdaq to delist Republic First Bancorp for missing 2022 report filing deadline

Philadelphia-based Republic First Bancorp Inc. will be delisted from the Nasdaq Stock Market LLC and cease trading at the exchange effective at the opening of the market Aug. 23.

Republic First received a letter from the Nasdaq Hearings Panel notifying the company of the move after it failed to submit its 2022 annual report on Form 10-K by Aug. 15 as previously agreed upon. Nasdaq in July had granted Republic First's request for an extension to file its annual report by Aug. 15.

Republic First expects to start trading its common stock on the OTC Pink marketplace Aug. 23 under the symbol FRBK. The company may apply to list on a major exchange after it files all delayed reports and meets other listing requirements.

The bank said it did not timely file its 2022 annual report partly because its former executive team failed to "maintain adequate internal controls" and partly because of a systems conversion implemented in June 2022.

"Consequently, the audit process that the new management and the company's external advisers had to undertake has been extensive and time-consuming," the company said.

Republic First Bancorp is the parent company of Republic First Bank, doing business as Republic Bank.