Shares of Republic First Bancorp took a significant hit as investors prepared for the stock to be delisted by the Nasdaq Stock Market. The stock plummeted nearly 29% to 50 cents per share. With shares already down over 67% this year, in contrast to the S&P 500’s nearly 15% gain during the same period, the future looks uncertain for the Philadelphia-based parent company of Republic First Bank, also known as Republic Bank.
The delisting notice from Nasdaq came as a result of Republic First Bancorp’s failure to file its annual report, or Form 10-K. The company attributes this oversight to the inadequate internal controls maintained by its former executive team following a systems conversion in June of last year.
However, the new management team is actively working with the company’s auditors and advisors to rectify the situation and file the delayed reports promptly. Investors are hopeful that these efforts will help restore faith in the company and turn its fortunes around.
Therefore, it is crucial for Republic First Bancorp to address these issues urgently to regain its position within the market. As they work towards resolving their internal control problems and meeting their reporting obligations, it remains to be seen if the company can recover from this setback. Only time will tell how Republic First Bancorp navigates this challenging period and carves out a path towards success.
