PremierWest Bancorp, the Medford-based parent company of PremierWest Bank, has begun a public offering of about 39.3 million shares of its common stock for 44 cents per share, in hopes of generating about $17.3 million.

The offering, which is scheduled to end on March 31 but could be extended, is part of a two-phase effort meant to raise $36 million to improve the bank’s regulatory capital position. PremierWest sold about 42.5 million shares of stock for 44 cents each to shareholders and standby purchasers in an initial offering that ended March 10.

PremierWest also received written notice from NASDAQ on March 15 that it has 180 days, or until Sept. 13, to regain compliance with NASDAQ’s minimum bid stock price of $1 to avoid being delisted. PremierWest’s stock price closed March 22 down 31.5 percent at 50 cents.