Atlantic American Corporation Receives Nasdaq Notice Regarding Delayed Form 10-K Filing

Rhea-AI Summary

ATLANTA, Ga., April 21, 2023 (GLOBE NEWSWIRE) -- Atlantic American Corporation (Nasdaq: AAME) announced it received a notice from Nasdaq for failing to file its Annual Report on Form 10-K for the year ended December 31, 2022, thus breaching Nasdaq Listing Rule 5250(c)(1). This notice does not immediately affect the listing or trading of AAME’s common stock, and the company has 60 calendar days to submit a compliance plan to Nasdaq. If accepted, AAME may receive up to 180 additional days to comply. The company is currently working to file the Form 10-K as soon as possible. Atlantic American is an insurance holding company involved in life, health, and property and casualty insurance sectors.

Positive

• The notice from Nasdaq has no immediate effect on the listing or trading of AAME's stock.
• Atlantic American is working diligently to file the Form 10-K promptly.

Negative

• The inability to file the Form 10-K by the due date indicates potential issues in financial reporting.
• Failure to comply could lead to further regulatory scrutiny.

ATLANTA, Ga., April 21, 2023 (GLOBE NEWSWIRE) -- Atlantic American Corporation (Nasdaq: AAME) announced today that on April 18, 2023, the Company received a notice from The Nasdaq Stock Market LLC stating that because the Company had not yet filed its Annual Report on Form 10-K for the year ended December 31, 2022 (the “Form 10-K”), the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the Securities and Exchange Commission. The Nasdaq notice has no immediate effect on the listing or trading of the Company’s common stock on The Nasdaq Global Market. The Company has 60 calendar days from the date of the notice to submit to Nasdaq a plan to regain compliance. If Nasdaq accepts the Company’s plan, then Nasdaq may grant the Company up to 180 calendar days from the Form 10-K’s original due date to regain compliance. The Company continues to work diligently to file the Form 10-K as promptly as practicable. If the Company is unable to file the Form 10-K within 60 calendar days from the date of the notice, the Company intends to submit to Nasdaq a plan to regain compliance.

Atlantic American Corporation is an insurance holding company involved through its subsidiary companies in specialty markets of the life, health, and property and casualty insurance industries. Its principal insurance subsidiaries are American Southern Insurance Company, American Safety Insurance Company, Bankers Fidelity Life Insurance Company and Bankers Fidelity Assurance Company.

Note regarding Private Securities Litigation Reform Act: Except for historical information contained herein, this press release contains forward-looking statements, including statements regarding the Company’s expectations as to the timing of the filing of the Form 10-K and the Company’s ability to submit a compliance plan to Nasdaq. These forward-looking statements involve a number of risks and uncertainties and actual results could differ materially from those indicated by such forward-looking statements due to a number of factors, including the results of the Company’s financial reporting procedures and those factors discussed in reports that Atlantic American Corporation files from time to time with the Securities and Exchange Commission. In addition, forward-looking statements reflect the Company’s expectations as of the date hereof. The Company undertakes no obligation to update or revise any forward-looking statements contained herein, except as may be required by law. Accordingly, undue reliance should not be placed upon these forward-looking statements.

For further information contact:
J. Ross Franklin		Hilton H. Howell, Jr.
Chief Financial Officer		Chairman, President & CEO
Atlantic American Corporation		Atlantic American Corporation
404-266-5580		404-266-5505

FAQ

What is the significance of AAME's notice from Nasdaq?

The notice indicates that AAME is not in compliance with Nasdaq Listing Rule 5250(c)(1) due to the late filing of its Form 10-K.

What does AAME plan to do after receiving the Nasdaq notice?

AAME has 60 days to submit a compliance plan to Nasdaq and aims to file the Form 10-K as soon as possible.

How does the Nasdaq notice affect AAME's stock?

The notice does not immediately affect the listing or trading of AAME's stock.

What is the deadline for AAME to regain compliance with Nasdaq?

AAME has 60 days to submit a plan, which may grant an additional 180 days to regain compliance.