Republic First Bancorp.'s stock tanks 29% premarket after it says it will be delisted on Wednesday

Republic First Bancorp. Inc.'s stock (FRBK) tanked 29% in premarket trade Tuesday, after it said Nasdaq has informed it its stock will be delisted on Wednesday, after the company failed to file its annual report in time. The company expects the stock to immediately move to the over-the-counter market. "Republic's Board of Directors and new executive team have been working with the Company's auditor and outside advisors to complete and file all delayed reports as soon as practicable," the Philadephia-based company said in a statement. "Republic's audit and financial filings have been delayed, in part, by the former executive team's failure to maintain adequate internal controls and related to a systems conversion implemented in June 2022." The company may apply to list on a major exchange once it has filed the late reports and has met other listing requirements. The stock has fallen 67% in the year to date, while the S&P 500 has gained 14.6%.

-Ciara Linnane

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08-22-23 0809ET

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