The Bank Slate


Republic First gets delisting warning from Nasdaq

Republic First Bancorp received a notice that its shares could be delisted from the Nasdaq after the Philadelphia company said it would be unable to file its annual report in a timely manner. 

The $5.4 billion-asset company disclosed in a regulatory filing Wednesday that it received the written notification last week. The company has up to 60 days to “either cure the deficiency or to submit a plan to Nasdaq showing how it intends to regain compliance,” the filing said. 

If the plan is accepted, the Nasdaq can extend the grace period for shares of Republic First’s common stock to stay listed for up to 180 days from the annual report’s due date.

Republic First recently disclosed that it is holding off on filing its annual report – and hosting its annual meeting – while an independent legal counsel investigates certain related-party transactions. 

The disclosures come at a time when the company is grappling with two activist investor groups.  

One group, which includes George Norcross III and Gregory Braca, wants to oust Chairman and CEO Vernon Hill. The group recently sent a nonbinding proposal to Republic First’s investment bank offering to buy the company 

The Norcross-Braca group filed a lawsuit against Republic First a month ago, along with Hill and three other directors, alleging that efforts were under way to modify employment compensation agreement to entrench Hill as the company’s leader. 

Driver Management, meanwhile, is looking to replace three directors with its own nominees.

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