Atlas Financial Holdings, Inc. (AFH) (“Atlas” or the “Company”) announced today that following a hearing before the Nasdaq Hearings Panel (the “Panel”) on September 19, 2019, it was granted its appeal with respect to the previously announced delisting notice. This decision was received on October 15, 2019. The Company will remain listed on The Nasdaq Capital Market subject to its timely compliance with certain conditions, including the filing of the Company’s Form 10-K for the fiscal year ended December 31, 2018 by January 31, 2020, and the filing of the Forms 10-Q for the quarterly periods ended March 31, June 30, and September 30, 2019 by February 28, 2020.
In addition, the Panel granted the Company’s request to transfer the listing of its common stock from The Nasdaq Global Market to The Nasdaq Capital Market. The transfer to The Nasdaq Capital Market will occur beginning with the open of business on October 17, 2019. Additionally, in connection with the transfer, the Company expects that its 6.625% Senior Unsecured Notes due 2022, which are currently listed on The Nasdaq Global Market, will be eligible to trade on the OTC Markets system effective with the open of the markets on October 17, 2019. The Company’s stock and bond trading symbols will remain “AFH” and “AFHBL”, respectively.
As previously disclosed, on July 22, 2019, the Company received a determination letter from the Nasdaq that due to its continued non-compliance with Nasdaq’s filing requirements, the Company would be subject to delisting unless it timely requested a hearing before the Panel.
The Company is taking definitive steps to ensure its timely compliance with the terms of the Panel’s decision; however, there can be no assurance that the Company will be able to do so.
The primary business of Atlas is commercial automobile insurance in the United States, with a niche market orientation and focus on insurance for the “light” commercial automobile sector including taxi cabs, non-emergency para-transit, limousine/livery (including certain transportation network company drivers) and business auto.
For more information about Atlas, please visit www.atlas-fin.com.
This release includes forward-looking statements regarding Atlas and its insurance subsidiaries and businesses. Such statements are based on the current expectations of the management of each entity. The words “anticipate,” “expect,” “believe,” “may,” “should,” “estimate,” “project,” “outlook,” “forecast” or similar words are used to identify such forward looking information. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Companies, including risks regarding the insurance industry, economic factors and the equity markets generally and the risk factors discussed in the “Risk Factors” section of the Company’s 2017 Annual Report on Form 10-K. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Atlas and its subsidiaries undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.