Item 8.01. Other Events.
As reported by the Company in its Current Report on Form 8-K, filed with the
Securities and Exchange Commission (the "Commission") on November 10, 2022, the
Company received formal notice from The Nasdaq Stock Market LLC ("Nasdaq") that
a Nasdaq Hearings Panel (the "Panel") had granted the Company's request for an
extension until December 30, 2022 to file its delinquent Quarterly Reports on
Form 10-Q with the Commission, with specified deadlines for each of the reports.
On November 18, 2022 and December 12, 2022, the Company filed its Quarterly
Reports on Form 10-Q for the three months ended March 31, 2022 and June 30,
2022, respectively, with the Commission.
The Company did not file its Quarterly Report on Form 10-Q for the three months
ended September 30, 2022 by December 30, 2022 due to additional time being
needed for (1) the Company's recently appointed Chief Executive Officer and
Chief Financial Officer to complete the procedures necessary to execute the
required Form 10-Q certifications and (2) the Company to finalize its
methodology and accounting entries related to its CECL implementation.
The Company requested a two-week extension, through January 15, 2023, from the
Panel to file its Form 10-Q for the three months ended September 30, 2022.
On January 4, 2023, the Panel granted the Company's request for an extension
through January 15, 2023 for the Company to file its Form 10-Q for the three
months ended September 30, 2022. If the Company is unable to file its Form 10-Q
for the three months ended September 30, 2022 by January 15, 2023, the common
stock of the Company will be subject to delisting fromThe Nasdaq Global Market.
The Company intends to file its Quarterly Report on Form 10-Q for the three
months ended September 30, 2022, with the Commission as soon as practicable and
by January 15, 2023.
Forward Looking Statements
The Company may from time to time make written or oral "forward-looking
statements," including statements contained in this release and in the Company's
filings with the Commission. The forward-looking statements contained in this
disclosure, are subject to certain risks and uncertainties that could cause
actual results to differ materially from those projected in the forward-looking
statements. The Company and its operations are subject to numerous risks and
uncertainties that range from changes in general economic conditions, inflation,
government regulatory and other policies that can have various effects on our
business, financial condition and results of operation, loan demand and our loan
and securities portfolios, and fluctuations in interest rates to more
Company-specific issues such as the adequacy of our allowance for loan losses
and the value of our securities portfolio, our methodology for determining such
allowance, competitive pressure among financial services companies, new service
and product offerings by competitors, price pressures and similar items, rapidly
changing technology; and litigation matters. You should carefully review the
risk factors described in the Form 10-K for the year ended December 31, 2021 and
other documents the Company files from time to time with the Securities and
Exchange Commission. The words "would be," "could be," "should be,"
"probability," "risk," "target," "objective," "may," "will," "estimate,"
"project," "believe," "intend," "anticipate," "plan," "seek," "expect" and
similar expressions or variations on such expressions are intended to identify
forward-looking statements. All such statements are made in good faith by the
Company pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. The Company does not undertake to update any
forward-looking statement, whether written or oral, that may be made from time
to time by or on behalf of the Company, except as may be required by applicable
law or regulations.
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