Atlas Financial gets delinquency notice from Nasdaq

Commercial auto insurer Atlas Financial Holdings has received a delinquency notice from the Nasdaq Stock Market because of its non-compliance with listing rules over failure to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2019.

The insurer 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.

Atlas Financial said it is targeting to file the Form 10-K on or about July 15, 2020, which it believes will allow the company to hold its annual general meeting of shareholders 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.