Republic First Bancorp, Inc.'s stock (FRBK) experienced a significant downturn of 29% during premarket trading on Tuesday. The company has received notification from Nasdaq that its stock will be delisted on Wednesday due to its failure to file the annual report within the designated timeframe.
In response to this development, Republic's Board of Directors and new executive team have been actively collaborating with the company's auditors and external advisors to ensure the completion and timely filing of all delayed reports. The Philadelphia-based company issued a statement acknowledging that the previous executive team's negligence in maintaining sufficient internal controls and a systems conversion implemented in June 2022 have contributed to the delay in audit and financial filings.
Following its delisting, Republic's stock is expected to transition to the over-the-counter market. However, the company expresses its intention to seek listing on a major exchange once it has fulfilled its obligations by submitting the overdue reports and meeting other listing requirements.
Notably, Republic's stock has already endured a decline of 67% year-to-date, while the S&P 500 index has witnessed a growth rate of 14.6%.