Midland States Bancorp, Inc. receives expected notification of deficiency from Nasdaq related to delayed filing of Annual Report on Form 10-K
Midland States Bancorp (NASDAQ: MSBI) announced receiving a deficiency notification from Nasdaq on April 3, 2025, due to failing to timely file its Annual Report on Form 10-K for the year ended December 31, 2024. The notification indicates non-compliance with Nasdaq Listing Rule 5250(c)(1).
The company has 60 calendar days to submit a compliance plan, with Nasdaq having discretion to grant up to 180 days (until September 29, 2025) to regain compliance. The notice does not immediately affect MSBI's stock listing or trading on the Nasdaq Global Select Market.
The delay stems from additional time needed to evaluate the accounting and financial reporting of a third-party lending and servicing arrangement, including obtaining documentation and analysis. The company is also evaluating impacts on internal control over financial reporting.
Midland States Bancorp (NASDAQ: MSBI) ha annunciato di aver ricevuto una notifica di carenza da Nasdaq il 3 aprile 2025, a causa della mancata presentazione tempestiva del suo Rapporto Annuale sul Modulo 10-K per l'anno conclusosi il 31 dicembre 2024. La notifica indica una non conformità con la Regola di Quotazione Nasdaq 5250(c)(1).
La società ha a disposizione 60 giorni di calendario per presentare un piano di conformità, con la Nasdaq che ha la discrezione di concedere fino a 180 giorni (fino al 29 settembre 2025) per ripristinare la conformità. L'avviso non influisce immediatamente sulla quotazione o sul trading delle azioni MSBI sul Nasdaq Global Select Market.
Il ritardo è dovuto al tempo aggiuntivo necessario per valutare la contabilità e la rendicontazione finanziaria di un accordo di prestito e servizi di terzi, compresa l'ottenzione di documentazione e analisi. La società sta anche valutando gli impatti sul controllo interno sulla rendicontazione finanziaria.
Midland States Bancorp (NASDAQ: MSBI) anunció haber recibido una notificación de deficiencia de Nasdaq el 3 de abril de 2025, debido a no haber presentado a tiempo su Informe Anual en el Formulario 10-K para el año que finalizó el 31 de diciembre de 2024. La notificación indica incumplimiento con la Regla de Cotización de Nasdaq 5250(c)(1).
La compañía tiene 60 días calendario para presentar un plan de cumplimiento, con Nasdaq teniendo la discreción de otorgar hasta 180 días (hasta el 29 de septiembre de 2025) para recuperar el cumplimiento. La notificación no afecta inmediatamente la cotización o el comercio de las acciones de MSBI en el Nasdaq Global Select Market.
El retraso se debe al tiempo adicional necesario para evaluar la contabilidad y la presentación de informes financieros de un acuerdo de préstamo y servicio de terceros, incluida la obtención de documentación y análisis. La compañía también está evaluando los impactos en el control interno sobre la presentación de informes financieros.
미드랜드 스테이츠 뱅코프 (NASDAQ: MSBI)는 2025년 4월 3일 나스닥으로부터 결함 통지를 받았다고 발표했습니다. 이는 2024년 12월 31일로 종료된 연도의 10-K 양식 연례 보고서를 제때 제출하지 않았기 때문입니다. 이 통지는 나스닥 상장 규칙 5250(c)(1)과의 비준수를 나타냅니다.
회사는 60일의 기간 내에 준수 계획을 제출해야 하며, 나스닥은 준수를 회복하기 위해 최대 180일(2025년 9월 29일까지)까지 연장할 수 있는 재량권을 가지고 있습니다. 이 통지는 MSBI의 나스닥 글로벌 선택 시장에서의 주식 상장이나 거래에 즉각적인 영향을 미치지 않습니다.
지연은 제3자 대출 및 서비스 계약의 회계 및 재무 보고를 평가하는 데 필요한 추가 시간 때문이며, 문서 및 분석을 확보하는 것을 포함합니다. 회사는 또한 재무 보고에 대한 내부 통제의 영향을 평가하고 있습니다.
Midland States Bancorp (NASDAQ: MSBI) a annoncé avoir reçu une notification de déficience de Nasdaq le 3 avril 2025, en raison de son incapacité à soumettre à temps son Rapport Annuel sur le Formulaire 10-K pour l'année se terminant le 31 décembre 2024. La notification indique un non-respect de la Règle de Cotation Nasdaq 5250(c)(1).
L'entreprise dispose de 60 jours calendaires pour soumettre un plan de conformité, Nasdaq ayant la discrétion d'accorder jusqu'à 180 jours (jusqu'au 29 septembre 2025) pour retrouver la conformité. L'avis n'affecte pas immédiatement la cotation ou le trading des actions MSBI sur le Nasdaq Global Select Market.
Le retard provient du temps supplémentaire nécessaire pour évaluer la comptabilité et le reporting financier d'un accord de prêt et de service de tiers, y compris l'obtention de documentation et d'analyses. L'entreprise évalue également les impacts sur le contrôle interne du reporting financier.
Midland States Bancorp (NASDAQ: MSBI) gab am 3. April 2025 bekannt, eine Mängelmitteilung von Nasdaq erhalten zu haben, da das Unternehmen seinen Jahresbericht auf Formular 10-K für das am 31. Dezember 2024 endende Jahr nicht fristgerecht eingereicht hat. Die Mitteilung weist auf die Nichteinhaltung der Nasdaq-Listing-Regel 5250(c)(1) hin.
Das Unternehmen hat 60 Kalendertage, um einen Compliance-Plan einzureichen, wobei Nasdaq das Ermessen hat, bis zu 180 Tage (bis zum 29. September 2025) zu gewähren, um die Compliance wiederherzustellen. Die Mitteilung hat keine sofortigen Auswirkungen auf die Aktiennotierung oder den Handel von MSBI am Nasdaq Global Select Market.
Die Verzögerung ergibt sich aus der zusätzlichen Zeit, die benötigt wird, um die Buchhaltung und die Finanzberichterstattung eines Drittanbieter-Darlehens- und Servicevertrags zu bewerten, einschließlich der Beschaffung von Dokumentationen und Analysen. Das Unternehmen bewertet auch die Auswirkungen auf die interne Kontrolle über die Finanzberichterstattung.
- No immediate effect on stock listing or trading status
- 60-day window to submit compliance plan
- Potential extension period of up to 180 days to regain compliance
- Failure to timely file Annual Report (Form 10-K) for 2024
- Receipt of Nasdaq listing deficiency notice
- Potential issues with internal control over financial reporting
- Complications with third-party lending and servicing arrangement evaluation
Insights
Midland States Bancorp's notification of non-compliance with Nasdaq listing requirements represents a significant red flag for investors. The delayed Form 10-K filing indicates potential accounting complications related to a third-party lending arrangement that require additional scrutiny - serious enough to prevent timely financial disclosure.
Most concerning is the company's disclosure that they're "evaluating the impact related to internal control over financial reporting." This language typically signals potential material weaknesses in financial controls, which can lead to restatements or other accounting corrections. For a
While the notification itself doesn't immediately threaten the stock's listing status, it begins a formal remediation timeline. The company has 60 days to submit a compliance plan, and Nasdaq may grant up to 180 days (until September 29) to resolve the issues. However, prolonged filing delays often trigger other consequences, including potential debt covenant violations and regulatory scrutiny.
Financial institutions face particularly stringent disclosure requirements due to their fundamental dependence on trust. The market typically penalizes banks severely for accounting uncertainties, as they raise questions about asset quality, loan portfolio risk, and overall financial stability. The vague timeline ("as soon as practicable") for resolution adds additional uncertainty that investors must now factor into their risk assessment.
EFFINGHAM, Ill., April 09, 2025 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (NASDAQ: MSBI) (the “Company”) today announced that it received an expected deficiency notification letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) on April 3, 2025 (the “Notice”). The Notice indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) as a result of its failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2024 (the “Form 10-K”), as described more fully in the Company's Form 12b-25 Notification of Late Filing (the “Form 12b-25”) filed with the Securities and Exchange Commission (the “SEC”) on March 17, 2025. The Listing Rule requires Nasdaq-listed companies to timely file all required periodic reports with the SEC.
The Notice has no immediate effect on the listing or trading of the Company’s common stock or depositary shares on the Nasdaq Global Select Market.
In accordance with Nasdaq’s listing rules, the Company has 60 calendar days after the Notice to submit a plan to regain compliance with the Listing Rule. Pursuant to the Notice, Nasdaq has the discretion to grant the Company up to 180 calendar days from the filing’s due date, or until September 29, 2025, to regain compliance. The Company intends to take the necessary steps to regain compliance with Nasdaq’s listing rules as soon as practicable.
As discussed in the Form 12b-25, the Company requires additional time and effort required to finalize its evaluation of the accounting and financial reporting of a third party lending and servicing arrangement, including obtaining third party documentation and analysis. Additionally, the Company is evaluating the impact related to its internal control over financial reporting. The Company expects to file the Form 10-K as soon as practicable.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the Company’s expectations as to the anticipated timing of filing the Form 10-K, completion of the Company’s audit for fiscal year 2024, any impact on the Company’s previously reported financial results for the year ended December 31, 2024, and statements relating to the Company’s plan to regain compliance with Nasdaq’s listing rules, as well as all statements that are not historical facts. These forward-looking statements are subject to change, and actual results may materially differ from those set forth in this press release due to certain risks and uncertainties. Factors that could cause or contribute to changes in such forward-looking statements include, but are not limited to, the expected timing and results of the Company’s audit for fiscal year 2024; the risk that the completion and filing of the Form 10-K will take longer than expected; uncertainties about the timing of the Company’s submission of a compliance plan; Nasdaq’s acceptance of any such plan; the duration of any extension that may be granted by Nasdaq; and the risk that the Company will be unable to meet Nasdaq’s continued listing requirements. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements set forth in reports filed with the SEC. Undue reliance should not be placed on any forward-looking statement contained herein. These statements reflect the Company’s position as of the date of this Current Report. The Company expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in the Company’s expectations or any change of events, conditions, or circumstances on which any such statement is based.
About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of December 31, 2024, the Company had total assets of approximately
CONTACTS:
Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321
FAQ
What is the deadline for MSBI to submit a compliance plan to Nasdaq?
Why did Midland States Bancorp (MSBI) receive a Nasdaq deficiency notice?
What is the maximum extension period Nasdaq can grant MSBI to regain compliance?
What is causing the delay in MSBI's 2024 Annual Report filing?
