Atlas Financial Holdings Inc. identified "value maximizing" strategic activities for shareholders, including regaining full compliance with Nasdaq's listing requirements.
The company previously received a delinquency notice and a determination letter from Nasdaq for failing to timely file its Form 10-K for the year ended Dec. 31, 2018, and its Form 10-Q for the quarter ended March 31. A Nasdaq hearings panel extended the stay of suspension for the trading of the company's securities.
Atlas Financial disclosed that it again received a delinquency notice from the exchange on Aug. 16 for failing to timely file its Form 10-Q for the quarter ended June 30. It said it plans to regain full compliance through hiring a new auditor and filing its Form 10-K for 2018 and Form 10-Q for subsequent periods. Regaining full compliance with the listing requirements is a high priority, according to the company.
The other strategic activities identified during Atlas Financial's strategic review include focusing Global Liberty Insurance Co. of New York's resources on New York area business; transitioning other business to alternative markets through Anchor Group Management Inc.; and transitioning of all business to other markets for American Country Insurance Co., American Service Insurance Co. Inc. and Gateway Insurance Co.
Atlas Financial said it continues to retain Sandler O'Neill & Partners LP as its financial adviser to further assess opportunities to generate shareholder value, including the potential sale of the company, one or more insurance company subsidiaries, Anchor or other assets, and balance sheet strengthening options.
