FIRST ACCEPTANCE CORPORATION (NYSE:FAC) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
The common stock of First Acceptance Corporation (the “Company”) is listed on the New York Stock Exchange (the “NYSE”).On August 17, 2017, the Company received notice from the NYSE (the “NYSE Notice”) that it was not in compliance with the NYSE’s continued listing standards set forth in the NYSE Listed Company Manual, which require the average closing price of Company common stock to be at least $1.00 per share over a consecutive 30 trading-day period.As of August 14, 2017, the 30 trading-day average closing price of Company common stock was $0.99 per share.
Upon receipt of the notice of non-compliance from the NYSE, the Company became subject to the procedures set forth in Sections 801 and 802 of the NYSE Listed Company Manual.As required by the NYSE, the Company will respond, acknowledging the notification, within 10 days following receipt of the NYSE Notice.Under the NYSE rules, the Company has six months from receipt of the NYSE Notice to regain compliance with the minimum share price rule.The Company expects that its common stock will continue to be listed on the NYSE during this period, subject to the Company’s continued compliance with the NYSE’s other continued listing standards.
About FIRST ACCEPTANCE CORPORATION (NYSE:FAC)
First Acceptance Corporation is a retailer, servicer and underwriter of non-standard personal automobile insurance based in Nashville, Tennessee. The Company operates in two segments: Insurance, and Real estate and corporate. Its insurance operations are engaged in selling non-standard personal automobile insurance products and related products in over 20 states. The real estate and corporate segment consists of the activities related to the disposition of foreclosed real estate held for sale, interest expense associated with all debt and other general corporate overhead expenses. The Company conducts its servicing and underwriting operations in approximately 10 states and is licensed as an insurer in over 10 additional states. It leases and operates approximately 440 retail locations and a call center staffed by employee-agents who primarily sell non-standard personal automobile insurance products underwritten by the Company, as well as certain commissionable ancillary products.