By Hanah Cho, The Baltimore Sun
6:18 PM EDT, August 12, 2011
First Mariner Bancorp must maintain stock listing on the Nasdaq Capital Market to close a cash-infusion deal with a New York investment firm and ensure its survival, according to regulatory documents filed Friday.
First Mariner is appealing Nasdaq's decision to delist its stock at an Aug. 25 hearing, the company said in the filings.
In April, the parent of 1st Mariner Bank struck a deal with Priam Capital to get a cash infusion of $36.4 million. The money is contingent on First Mariner raising $123.6 million from other investors by Sept. 1.
The agreement said Priam Capital could bow out if First Mariner failed to raise at least $70.3 million by July 18, but neither company has said whether the company cleared that hurdle. First Mariner has been under federal orders to raise its capital levels since 2009.
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