On July 17, 2023, Republic First Bancorp Inc announced that it has sent a letter to shareholders, explaining the challenges Company has faced, details the elements of the strategy being executed by the new management team and overseen by a refreshed board, and highlights the significant opportunities the Company has to deliver long-term value, and the Company also issued a new presentation covering in detail the strategic initiatives underway at the Company. In addition, the Company stated that it decided to terminate the previously announced agreement to raise $125 million in capital for the Company through a private placement of equity securities.