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MCLEAN, Va. - Primis Financial Corp. (NASDAQ: FRST), a Virginia-based financial institution with a market capitalization of $200 million, has confirmed its appeal against a delisting determination by The Nasdaq Stock Market LLC. The company, which faced the possibility of its securities being delisted, has been granted a stay of delisting pending a final decision by the Nasdaq Hearings Panel.
The hearing, scheduled for May 15, 2025, follows the company’s formal request to appeal the delisting. Primis Financial has also indicated its intention to file its annual report on Form 10-K for the fiscal year ended December 31, 2024, ahead of the hearing. By filing the report promptly, the company aims to be in compliance with Nasdaq’s Listing Rules.
Primis Financial operates through 24 full-service branches across Virginia and Maryland, offering a variety of financial services to individuals and businesses. As of the end of 2024, the company reported having $3.7 billion in total assets, $2.9 billion in loans held for investment, and $3.2 billion in total deposits. According to InvestingPro data, the company maintains a notable 5.04% dividend yield and has consistently paid dividends for 14 consecutive years, trading at a price-to-book ratio of 0.54.
The company’s management has not provided specific details regarding the reasons for the initial delisting determination. However, they have stressed the importance of resolving the issue and restoring compliance with Nasdaq’s requirements.
Investors are advised that this announcement contains forward-looking statements that involve risks and uncertainties. These include potential delays in financial reporting, the identification of errors or control deficiencies, and the risk of regulatory penalties or loss of investor confidence. The company cautions that actual outcomes may differ materially from those anticipated in such statements.
The information regarding Primis Financial’s appeal and the stay of delisting is based on a press release statement. Investors and stakeholders are encouraged to follow the developments closely as the company works to address the concerns raised by Nasdaq and aims to maintain its listing status. While currently trading near its 52-week low of $7.75, InvestingPro analysis suggests the stock is slightly undervalued, with analysts projecting a return to profitability this year. For deeper insights, investors can access comprehensive financial analysis and 10+ additional ProTips through the detailed Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Primis Financial Corp reported its fourth-quarter 2024 earnings, which showed a significant miss in earnings per share (EPS). The company posted an EPS of -$0.65, falling short of the forecasted $0.48. However, Primis Financial exceeded revenue expectations, reporting $39.3 million against the anticipated $33.1 million. The company faced a pre-tax loss of $17.4 million, largely due to a $20.8 million provision for consumer loans and $1.25 million in fraud losses. Despite these challenges, adjusted pre-tax earnings were estimated at $6.2 million, indicating potential profitability in core banking operations. Analyst discussions during the earnings call highlighted the company’s strategic efforts to exit the consumer loan portfolio and focus on core bank loan growth. Primis Financial expects core bank loan growth between $125 million and $175 million and aims for a margin target of 325-350 basis points. The company also anticipates the potential deconsolidation of Panacea, valued at over $20 million, as part of its strategic initiatives.
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