RBB Bancorp (RBB) Receives NASDAQ Notice on Late Filing of its Form 10-Q

RBB Bancorp (Nasdaq: RBB or the “Company”), the bank holding company for Royal Business Bank ("the Bank") and RBB Asset Management Company, announced today that it has received a Notice from the Nasdaq Stock Market on November 21, 2022 notifying the Company that, because its Form 10-Q for the third quarter ended September 30, 2022 (the "2022 3Q 10-Q") was not filed with the Securities and Exchange Commission by the required due date of November 9, 2022, the Company is therefore not in compliance with the periodic filing requirements for continued listing set forth in Nasdaq Listing Rule 5250(c)(1). This Notice received has no immediate effect on the listing or trading of the Company's shares on the Nasdaq Global Select Market, although there can be no assurances that further delays in the filing of the Forms 10-Q will not have an impact on the listing or trading of the Company's common stock.

As previously disclosed on the Company's Form 12b-25 filed on November 9, 2022, the Company is unable to file, without unreasonable effort and expense, its Form 10-Q for the quarterly period ended September 30, 2022 (the “Report”) as the Company recently appointed Crowe LLP ("Crowe") as its new independent registered public accounting firm ("CPA") on September 26, 2022. Crowe needs more time to complete the Sarbanes-Oxley Act ("SOX") control reviews with the Company, its review of the interim financial statements and the Report, and other matters. Notwithstanding the foregoing, the Company expects to file no later than December 15, 2022.

Nasdaq has provided the Company with 60 calendar days, until January 20, 2023, to submit a plan to regain compliance. The compliance plan is required to submit a plan to regain compliance. If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for the filing of the 10-Q for the third quarter ended September 30, 2022, or May 8, 2023, to regain compliance.

The Company expects to be in compliance by December 15, 2022 and if necessary, intends to submit to Nasdaq the compliance plan by January 20, 2022.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

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