SUNRISE, Fla., Oct. 26, 2022 (GLOBE NEWSWIRE) — FedNat Holding Company (the “Company”) (Nasdaq: FNHC), a regional insurance holding firm, as we speak introduced that it has notified The Nasdaq Stock Market LLC (“Nasdaq”) of the Company’s resolution 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.
The Company has been suggested by Nasdaq that, as a consequence of considerations concerning the Company’s noncompliance with Nasdaq’s continued itemizing necessities, buying and selling within the Company’s frequent inventory is not going to proceed past the date of submitting the Form 25. Therefore, buying and selling within the Company’s frequent inventory might be suspended previous to market open on November 7, 2022 and Friday, November 4, 2022 would be the final day of buying and selling of the Company’s frequent inventory on Nasdaq.
The Company might focus on with market makers for its frequent inventory the opportunity of having its frequent inventory quoted on the over-the-counter market, however no preparations have but been made in that regard. There might 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 keep up a minimal bid value of $1.00 per share (the “Minimum Bid Price Requirement”), and Nasdaq Listing Rule 5810(c)(3)(A), which supplies {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 have to be a minimum of $1.00 per share for at least 10 consecutive business days previous to November 27, 2022. In addition, the Company isn’t in compliance with Nasdaq Listing Rule 5250(c)(1) due to the continuing 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 potential 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 resolution was primarily based on cautious evaluation of a number of components, together with the doubtless incapability 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 facets of the insurance underwriting, distribution and claims processes by way of 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 Okay. Patterson, Interim CEO (954) 308-1322
J. Gordon Jennings III, Interim CFO (954) 308-1201
Bernard Kilkelly, Investor Relations (954) 308-1409
