Primis Financial Corp. Announces Stock Buyback and Nasdaq Compliance News
On December 19, 2024, Primis Financial Corp., trading under the NASDAQ symbol FRST, made significant announcements that are bound to capture the attention of investors and market analysts alike. The company’s Board of Directors revealed an exciting stock repurchase program aimed at acquiring up to 740,600 shares of its common stock. This strategic move is set to take effect immediately, lasting until December 19, 2025, with potential for early termination or extension depending on market conditions and company discretion.
The mechanism of this repurchase program is designed to provide flexibility to Primis, allowing the financial institution to buy back its shares either through open market transactions or through privately negotiated deals. Such transactions are subject to federal securities laws, particularly Rule 10b-18 under the Securities Exchange Act of 1934. This adherence to regulatory frameworks indicates Primis's commitment to compliant corporate governance while also seeking to boost shareholder value. Furthermore, the company has the option of implementing a trading plan under Rule 10b5-1, which would permit share repurchases during times when standard trading may be restricted. This flexibility could prove beneficial in optimizing timing and price for buybacks.
However, the extent of share repurchases will ultimately hinge on several variables, such as the performance of the company’s stock price, the economic landscape, regulatory mandates, and overall availability of funds. In other words, while the program outlines a clear strategy for repurchases, it must remain responsive to external market conditions and corporate financial health. Primis has expressly stated its discretion to initiate or halt these repurchases at any time prior to the program’s designated timeframe without prior notice. This aspect underlines the company’s proactive management style and strategic agility in navigating market dynamics.
In addition to the stock buyback news, Primis Financial also announced a noteworthy compliance decision from the Nasdaq Hearings Panel. The panel has confirmed that Primis is in compliance with the Nasdaq Capital Market listing rules, most importantly, with the Listing Rule 5250(c)(1) as of December 11, 2024. This regulatory validation is a crucial milestone for the firm, as it ensures its continued presence and operational capability within Nasdaq's regulatory framework. However, as part of this compliance, Primis will be under a Mandatory Panel Monitor for a full year, reflecting a commitment to uphold corporate governance standards regulated by Nasdaq.
This news of both the repurchase program and compliance confirmation arrives at a time when Primis Financial Corp. showcases a robust financial position. As of September 30, 2024, Primis boasted total assets of $4.0 billion, with total loans at $2.9 billion and total deposits exceeding $3.3 billion. The company serves its clientele from a solid network of twenty-four branches across Virginia and Maryland, along with comprehensive online and mobile banking solutions aimed at catering to individual consumers and SMEs alike.
As investors, analysts, and stakeholders digest these announcements, it’s clear that Primis Financial Corp. is positioning itself strategically in the market. The proactive board decisions underscore a commitment to enhancing shareholder value while ensuring regulatory compliance, paving the way for long-term stability in a fluctuating economic environment. Moving forward, investors will keenly watch how these strategies unfold, particularly in relation to stock performance and overall company growth, thereby ensuring that Primis Financial remains competitive and responsive in the financial services industry.
The mechanism of this repurchase program is designed to provide flexibility to Primis, allowing the financial institution to buy back its shares either through open market transactions or through privately negotiated deals. Such transactions are subject to federal securities laws, particularly Rule 10b-18 under the Securities Exchange Act of 1934. This adherence to regulatory frameworks indicates Primis's commitment to compliant corporate governance while also seeking to boost shareholder value. Furthermore, the company has the option of implementing a trading plan under Rule 10b5-1, which would permit share repurchases during times when standard trading may be restricted. This flexibility could prove beneficial in optimizing timing and price for buybacks.
However, the extent of share repurchases will ultimately hinge on several variables, such as the performance of the company’s stock price, the economic landscape, regulatory mandates, and overall availability of funds. In other words, while the program outlines a clear strategy for repurchases, it must remain responsive to external market conditions and corporate financial health. Primis has expressly stated its discretion to initiate or halt these repurchases at any time prior to the program’s designated timeframe without prior notice. This aspect underlines the company’s proactive management style and strategic agility in navigating market dynamics.
In addition to the stock buyback news, Primis Financial also announced a noteworthy compliance decision from the Nasdaq Hearings Panel. The panel has confirmed that Primis is in compliance with the Nasdaq Capital Market listing rules, most importantly, with the Listing Rule 5250(c)(1) as of December 11, 2024. This regulatory validation is a crucial milestone for the firm, as it ensures its continued presence and operational capability within Nasdaq's regulatory framework. However, as part of this compliance, Primis will be under a Mandatory Panel Monitor for a full year, reflecting a commitment to uphold corporate governance standards regulated by Nasdaq.
This news of both the repurchase program and compliance confirmation arrives at a time when Primis Financial Corp. showcases a robust financial position. As of September 30, 2024, Primis boasted total assets of $4.0 billion, with total loans at $2.9 billion and total deposits exceeding $3.3 billion. The company serves its clientele from a solid network of twenty-four branches across Virginia and Maryland, along with comprehensive online and mobile banking solutions aimed at catering to individual consumers and SMEs alike.
As investors, analysts, and stakeholders digest these announcements, it’s clear that Primis Financial Corp. is positioning itself strategically in the market. The proactive board decisions underscore a commitment to enhancing shareholder value while ensuring regulatory compliance, paving the way for long-term stability in a fluctuating economic environment. Moving forward, investors will keenly watch how these strategies unfold, particularly in relation to stock performance and overall company growth, thereby ensuring that Primis Financial remains competitive and responsive in the financial services industry.
Topics Financial Services & Investing）
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