Republic First Bancorp's securities purchase agreement terminated by purchasers; deal fails to close by outside date

REPUBLIC FIRST BANCORP INC

Purchasers (Norcross group) terminated the October 2023 Securities Purchase Agreement on Feb 28, 2024, effective Feb 29, 2024.
Termination due to transactions not being consummated by the February 29, 2024 outside date.
Company states it remains adequately capitalized, has strong deposit base, ample liquidity, and engaged Wolf & Company for financial reporting.
The deal previously announced in November 2023 involved investment from George E. Norcross III and others.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

REPUBLIC FIRST BANCORP INC terminated Securities Purchase Agreement with George E. Norcross, III, Gregory B. Braca, Philip A. Norcross, Alessandra T. Norcross and Alexander S. Norcross (collectively, the "Purchasers") (effective 2024-02-29).

Action: termination
Agreement: equity purchase
Counterparty: George E. Norcross, III, Gregory B. Braca, Philip A. Norcross, Alessandra T. Norcross and Alexander S. Norcross (collectively, the "Purchasers")
Effective: 2024-02-29

Exact text from the filing

On February 28, 2024, the Purchasers elected to terminate the Securities Purchase Agreement pursuant to Section 6.10(a)(ii) therein because the transactions contemplated by the Securities Purchase Agreement will not be consummated by February 29, 2024 (the “ Outside Date ”).

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Source: SEC EDGAR

accession 0001437749-24-005960

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