FedNat Receives Nasdaq Notification of Non-Compliance With Listing Rule 5250(c)(1)

Rhea-AI Summary

On April 1, 2022, FedNat Holding Company (Nasdaq: FNHC) received a notification from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to the delayed filing of its Annual Report on Form 10-K for the year ending December 31, 2021.

No immediate impact on the trading of FNHC stock is noted. The company is required to submit a compliance plan by May 31, 2022, and anticipates filing the report in advance of this deadline.

Positive

• Company anticipates compliance with Nasdaq requirements by filing Form 10-K in advance of the May 31, 2022 deadline.

Negative

• Received notification of non-compliance from Nasdaq due to late filing of Annual Report.

SUNRISE, Fla., April 01, 2022 (GLOBE NEWSWIRE) -- FedNat Holding Company (Nasdaq: FNHC), a regional insurance holding company, today announced that on April 1, 2022, it received a letter (the Letter) from the Listing Qualifications Department of the Nasdaq Stock Market (Nasdaq) notifying the Company that it was not in compliance with requirements of Nasdaq Listing Rule 5250(c)(1) as a result of not having timely filed its Annual Report on Form 10-K for the year ended December 31, 2021.

The Letter has no immediate effect on the listing or trading of FedNat’s common stock on the Nasdaq Capital Market. The Letter states that the Company is required to submit a plan to regain compliance by May 31, 2022. The Company has advised Nasdaq that it expects to comply with this requirement by filing its 2021 Form 10-K well in advance of the May 31, 2022 deadline.

About the Company

FedNat Holding Company is an insurance holding company that controls substantially all aspects of the insurance underwriting, distribution and claims processes through our subsidiaries and contractual relationships with independent agents and general agents. The Company, through its wholly owned subsidiaries FedNat Insurance Company and Monarch National Insurance Company, is focused on providing homeowners insurance in Florida. More information is available at https://www.fednat.com/investor-relations/.

 

FAQ

What does the Nasdaq notification mean for FNHC?

The Nasdaq notification indicates that FNHC is not compliant with certain listing rules due to a missed deadline for filing the Annual Report.

When is FNHC required to submit a compliance plan?

FNHC is required to submit a compliance plan to Nasdaq by May 31, 2022.

What impact does the Nasdaq letter have on FNHC's stock?

There is no immediate impact on the trading of FNHC's stock due to the notification.

What is the deadline for FNHC to file its Annual Report?

FNHC expects to file its Annual Report on Form 10-K before the May 31, 2022 deadline.