Primis Financial Corp. (NASDAQ: FRST) has announced a signed non-binding term sheet to sell a portion of its shares in Panacea Financial Holdings, Inc. This move is expected to generate approximately $22 million in proceeds for Primis and an additional pre-tax gain of between $6.5 and $7.0 million, as the sales price per share surpasses the carrying value as of March 31, 2025. The sale follows the deconsolidation of Panacea Financial Holdings earlier this year. Primis CEO Dennis J. Zember, Jr. highlighted that the proceeds will enable the company to pursue strategies such as a share repurchase program and accelerated growth initiatives. Despite the sale, Primis remains committed to Panacea's long-term potential and its mission to provide tech-enabled financial solutions for doctors nationwide.
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