Atlas Financial Holdings, Inc. (NASDAQ:AFH) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
Atlas Financial Holdings, Inc. (the “Company”) received a delinquency notification letter from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) on June 9, 2020 due to the Company’s non-compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the Company’s failure to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the “Form 10-K”).
As previously disclosed, the Company is currently in violation of additional Nasdaq Listing Rules due to its failure to hold an annual general meeting of shareholders during 2019 and the failure to regain compliance with the minimum bid price requirement. The Company has timely updated the Nasdaq Hearings Panel with respect to its compliance plan as requested by the Staff.
The Company is currently targeting filing of the Form 10-K on or about July 15, 2020, which the Company believes will allow the Company to hold its annual general meeting of shareholders (the “Annual Meeting”) on or about August 17, 2020. At the Annual Meeting, to the extent the closing bid price of the Company’s common shares remains below $1 per share, the Company intends to seek approval of a reverse stock split to regain compliance with the minimum bid price requirement. However, there can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or maintain compliance with the other Nasdaq listing requirements. Once determined, the Company will publicly disclose the date of the Annual Meeting in accordance with Securities and Exchange Commission requirements.
On June 15, 2020, the Company issued a press release announcing its receipt of the delinquency notification letter. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Atlas Financial Holdings, Inc. Exhibit
EX-99.1 2 pressreleasenasdaqdelinque.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Atlas Financial Holdings Receives Nasdaq Notice of Additional DelinquencyChicago,…
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