Provident Bancorp, Inc. /MD/: Nasdaq/NYSE listing notice — Provident Bancorp receives Nasdaq delinquency notice for late 10-Q; discloses $111.5M in crypto-backed loans

Provident Bancorp, Inc. /MD/

Received Nasdaq notice on Nov 17 for not filing Q3 2022 Form 10-Q on time; must submit compliance plan by Jan 16, 2023.
If plan accepted, extension to May 13, 2023 to regain compliance; no immediate impact on stock listing.
As of Sep 30, 2022: $76.5M loans secured by mining rigs (5.2% of loan portfolio) and $35M outstanding on crypto-secured lines ($71M total).
No exposure to FTX; digital asset USD deposits totaled $214.4M (14.5% of total deposits).
Management working to file 10-Q as soon as practicable.

item 3.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

Provident Bancorp, Inc. /MD/ received a nasdaq deficiency notice notice regarding late filing (rules 5250(c)(1)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: late filing
Rules: 5250(c)(1)

Exact text from the filing

November 17, 2022, Provident Bancorp, Inc. (the “Company”) received a delinquency notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, as a result of the Company’s delay in filing its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022 (the “Form 10-Q”), the Company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1). The notification letter has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq

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Source: SEC EDGAR

accession 0000943374-22-000482

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