- Midland States Bancorp (MSBI, Financial) received a Nasdaq deficiency notification for delayed financial filings.
- The company must submit a compliance plan by June 2, 2025, to avoid delisting risks.
- Delays are due to evaluations of third-party lending and goodwill impairment.
Effingham, Ill., May 23, 2025 — Midland States Bancorp, Inc. (MSBI) has announced the receipt of a deficiency notification from Nasdaq due to the delayed filing of its 2024 Annual Report (Form 10-K) and Q1 2025 Quarterly Report (Form 10-Q). Despite this delay, the notification does not immediately affect the company's listing status on the Nasdaq Global Select Market.
The company has until June 2, 2025, to submit a compliance plan to Nasdaq, after which it may be granted an extension of up to 180 days, until September 29, 2025, to rectify the issue. The delay in filing is primarily due to ongoing evaluations concerning third-party lending arrangements and potential goodwill impairment assessments.
MSBI continues to work diligently to address these concerns and aims to regain compliance with Nasdaq's listing rules as promptly as possible. Communication with regulators remains a priority to prevent delisting, although potential restatements or goodwill write-downs could impact previously reported financial outcomes.
Midland States Bancorp continues to trade normally, as the notification has no immediate effect on the trading of its common stock and depositary shares on the Nasdaq Global Select Market.
