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Atlas Financial's compliance period with Nasdaq extended

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Atlas Financial's compliance period with Nasdaq extended

Nasdaq Stock Market on Dec. 12 informed Atlas Financial Holdings Inc. that it has an additional 180-day period to regain compliance with the exchange's listing rules.

To do so, the closing bid price of the company's shares must be at least $1 per share for a minimum of 10 consecutive business days during a compliance period, which expired Dec. 10 but has now been extended until June 2, 2020.

Nasdaq also informed the company that it will delist the company's 6.625% senior unsecured notes due 2022, effective 10 days after the exchange files a Form 25 with the SEC. On Oct. 17, the notes were suspended from trading on Nasdaq in connection with the transfer of Atlas Financial's common shares from Nasdaq Global Market to Nasdaq Capital Market and have been quoted on the OTC Markets system.

Atlas Financial received approval in October to transfer the listing of its common shares after it failed to comply with Nasdaq's listing requirements related to the timely filing of its annual and quarterly reports.

Additionally, Atlas Financial appointed Joe Shugrue COO, effective Dec. 15. He was the company's vice president for claims.