Hallmark Financial Announces Extension Granted from Nasdaq
Hallmark Financial Services (NASDAQ: HALL) announced that Nasdaq has granted an exception for the Company to regain compliance with its Listing Rule 5250(c)(1) by September 14, 2020. The Company plans to file its first and second quarter 2020 Form 10-Qs soon to meet compliance requirements. However, there is uncertainty about whether Hallmark will regain compliance in the specified timeframe, which could lead to potential delisting from the Nasdaq Global Market. Hallmark Financial specializes in property and casualty insurance, managing over $750 million in annual premiums.
- Nasdaq granted an exception for compliance until September 14, 2020.
- Plans to file first and second quarter 2020 Form 10-Q to regain compliance.
- Uncertainty exists about regaining compliance within the extension period.
- Failure to regain compliance may result in delisting from Nasdaq.
DALLAS, July 06, 2020 (GLOBE NEWSWIRE) -- Hallmark Financial Services, Inc. (“Hallmark Financial” or “the Company”) (NASDAQ: HALL), a specialty property and casualty insurance company, today announced that Nasdaq has granted an exception to enable the Company to regain compliance with Nasdaq’s Listing Rule 5250(c)(1) by September 14, 2020.
The Company intends to file its first quarter 2020 Form 10-Q in the next few weeks and to timely file its second quarter 2020 Form 10-Q thus regaining compliance with Nasdaq’s listing rules within the extension period granted by Nasdaq.
However, there can be no assurance that the Company will be able to regain compliance within the extension period granted by Nasdaq. If the Company fails to timely regain compliance with Nasdaq’s listing rules, the common stock of the Company will be subject to delisting on the Nasdaq Global Market.
About Hallmark Financial
Hallmark Financial is a specialty property and casualty insurance company with a diversified portfolio of insurance products written on a national platform. With six insurance subsidiaries and offices in Dallas-Fort Worth, Atlanta, Chicago, Jersey City, and San Antonio, Hallmark Financial markets, underwrites and services over
This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to the Company’s intent to regain compliance with Nasdaq’s continued listing standards. These forward-looking statements are based on current expectations that involve numerous risks, uncertainties and assumptions, many of which are beyond the control of the Company. Although the Company believes the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that any forward-looking statements will prove to be correct. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such information should not be regarded as a representation that the objectives and plans of the Company will be achieved.
Investor Contact
David Webb
Senior Vice President, Corporate Development & Strategy
dwebb@hallmarkgrp.com
817.348.1600
FAQ
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