FedNat Holding Company Announces Voluntary Nasdaq

SUNRISE, Fla., Oct. 26, 2022 (GLOBE NEWSWIRE) — FedNat Holding Company (the “Company”) (Nasdaq: FNHC), a regional insurance holding firm, at the moment introduced that it has notified The Nasdaq Stock Market LLC (“Nasdaq”) of the Company’s choice to voluntarily delist its frequent inventory from the Nasdaq Global Market and its intent to file a Form 25 with the U.S. Securities and Exchange Commission (the “SEC”) on or about November 7, 2022. As a outcome, the Company expects the delisting of its frequent inventory to turn into efficient 10 days following such submitting, or November 17, 2022.

The Company could talk about with market makers for its frequent inventory the potential of having its frequent inventory quoted on the over-the-counter market, however no preparations have but been made in that regard. There will be no assurances that any brokers will proceed to make a market within the Company’s frequent inventory or that buying and selling of the frequent inventory will proceed on the over-the-counter market or in any other case.

As beforehand reported, the Company has been out of compliance with sure of the Nasdaq itemizing guidelines, together with Nasdaq Listing Rule 5450(a)(1), which requires listed securities to take care of a minimal bid value of $1.00 per share (the “Minimum Bid Price Requirement”), and Nasdaq Listing Rule 5810(c)(3)(A), which gives {that a} failure to fulfill the Minimum Bid Price Requirement exists if the deficiency continues for a interval of 30 consecutive business days. To regain compliance with these Listing Rules, the closing bid value of the Company’s frequent inventory should be no less than $1.00 per share for no less than 10 consecutive business days previous to November 27, 2022. In addition, the Company is just not in compliance with Nasdaq Listing Rule 5250(c)(1) due to the continued delay within the submitting of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022.

Because of uncertainties surrounding the Company’s capability to regain compliance with the foregoing Nasdaq Listing Rules, the Company’s Board of Directors has decided that the voluntary delisting of the Company’s frequent inventory might be in the most effective pursuits of the Company and its shareholders. The Board’s choice was primarily based on cautious overview of a number of components, together with the possible lack of ability of the Company to regain compliance and the numerous prices related therewith (together with prices related to requesting a listening to to acquire an extension of time for compliance), the advantages to the Company of eliminating the expense of the Nasdaq itemizing charges, and eliminating the calls for on administration’s time of complying with the Nasdaq itemizing requirements.

About the Company

FedNat Holding Company is an insurance holding firm that controls considerably all features of the insurance underwriting, distribution and claims processes via our subsidiaries, fairness investments and contractual relationships with impartial brokers and common brokers. More info is accessible at https://www.fednat.com/investor-relations/.

Contacts

David Ok. Patterson, Interim CEO (954) 308-1322

J. Gordon Jennings III, Interim CFO (954) 308-1201

Bernard Kilkelly, Investor Relations (954) 308-1409

or [email protected]