Delisting Determination, The Nasdaq Stock Market, LLC, October 12, 2023,
Republic First Bancorp, Inc.
The Nasdaq Stock Market LLC (the Exchange) has determined to remove
from listing the securities of Republic First Bancorp, Inc., effective
at the opening of the trading session on October 23, 2023.
Based on review of information provided by the Company, Nasdaq
Staff determined that the Company no longer qualified for listing
on the Exchange pursuant to Listing Rule 5250(c)(1). The Company was
notified of the Staff determination on September 29, 2022.
On October 6, 2022, the Company exercised its right to appeal
the Staff determination to the Listing Qualifications Hearings
Panel (Panel) pursuant to Rule 5815. On November 8, 2022, upon review
of the information provided by the Company, the Panel determined to
grant the Company request to remain listed in the Exchange subject to
a series of milestones. The Company received an additional delist
determination letters for its failure to meet the requirement in
Listing Rule 5250(c)(1) on November 14, 2022, and for failure to meet
the requirement in Listing Rules 5620(a) on January 3, 2023. The
Panel amended its decision on March 1, 2023, granting the Company
additional time to regain compliance with Nasdaq rules. The Company
received an additional delist determination letters for its failure to
meet the requirement in Listing Rule 5250(c)(1) on March 23 and May
12, 2023. The Panel amended its decision again on June 14, 2023, granting
the Company additional time to regain compliance with Nasdaq rules.
The Company received an additional delist determination letters for its
failure to meet the requirement in Listing Rule 5250(c)(1) on August 11,
2023. Based on the Company failure to meet the terms of the exception,
on August 21, 2023, the Panel issued a final decision denying the Company
continued listing and notified the Company that trading
in the Company securities would be suspended on August 23, 2023.
The Company did not appeal the Panel decision to the Nasdaq Listing
and Hearing Review Council (Council) and the Council did not call
the matter for review. The Staff determination to delist the Company
became final on October 5, 2023.