Nasdaq holds off delisting Primis Financial until May decision

Nasdaq will wait for the results of a May hearing before delisting McLean-based bank holding company Primis Financial, the company said Monday.

Primis Bank announced last week that it had received notice from the stock exchange April 3 that the company was out of compliance with one of Nasdaq‘s rules that requires listed companies to file all periodic reports with the U.S. Securities and Exchange Commission on a timely basis. Primis acknowledged it had not yet filed its Form 10-K for the period ending Dec. 31, 2024.

On April 9, the company requested an appeal of Nasdaq’s decision, requesting a hearing before a panel and postponing delisting from the exchange on April 14, meaning that Primis’ stock could not be traded after April 11. However, Nasdaq agreed to give Primis an extension on being delisted, and the panel hearing is set May 15. Nasdaq will decide whether to delist Primis once the panel issues a final written decision, and in the meantime, the bank will continue to trade its common stock on the exchange.

The company says it plans to file the Form 10-K “as promptly as practicable” and expects to do so before the hearing. At that point, Primis says the company will be in compliance with the Nasdaq listing rules.

Headquartered in McLean, Primis Financial is the parent company of Primis Bank. As of Dec. 31, 2024, Primis had $3.7 billion in total assets, $2.9 billion in total loans held for investment and $3.2 billion in total deposits.