The Nasdaq Hearings Panel granted Atlas Financial Holdings Inc.'s appeal in connection with the previously disclosed delisting notification following the company's Sept. 19 hearing.
The panel allowed the company's request to transfer the listing of its common stock to the Nasdaq Capital Market from the Nasdaq Global Market. The transfer will happen upon the open of business Oct. 17.
Atlas Financial's continued listing on the Nasdaq Capital Market is subject to its timely compliance with certain conditions, which include the filing of its form 10-K for the fiscal year ended Dec. 31, 2018, by Jan. 31, 2020, and the filing of the forms 10-Q for the quarterly periods ended March 31, June 30 and Sept. 30 by Feb. 28, 2020.
The company anticipates that its 6.625% senior unsecured notes due 2022, which are listed on the Nasdaq Global Market at present, will be qualified to trade on the OTC Markets system, effective with the open of the markets Oct. 17.
In late July, Nasdaq notified Atlas Financial of its failure to comply with the exchange's listing requirements. Prior to that, in April, Atlas Financial received a delinquency notice from Nasdaq for failing to timely file its Form 10-K for 2018. Nasdaq then informed the company that it has until Dec. 10 to regain compliance with the listing rules.
On Sept. 11, the insurer again received a deficiency notification letter from Nasdaq, stating that the company was not in compliance with listing requirements because its market value of publicly held shares for the last 30 consecutive business days was below the minimum requirement of $5 million.
Atlas Financial noted that it is taking "definitive" steps to ensure timely compliance with the terms of the panel's decision, but it cannot guarantee that it will be able to do so.