Specialty property and casualty insurer Hallmark Financial Services has received notice from Nasdaq that the company is no longer in compliance with listing rules.
The notice comes as a result of Hallmark failing to file its Form 10-K for 2019 in a timely manner.
Under Nasdaq rules, the company has 60 calendar days to submit a plan to regain compliance.
If such plan is accepted, Nasdaq may grant an extension of up to 180 calendar days from the due date of the Filing, or until September 14, 2020, to regain compliance.
The notice from Nasdaq has no immediate effect on the listing of the Company’s common stock on the Nasdaq Global Market.
Hallmark has issued a statement outlining its intention to timely submit a plan to regain compliance with Nasdaq’s listing rules and to “work diligently to regain compliance with such listing rules within any extension period granted by Nasdaq.”
However, there can be no assurance that Nasdaq will accept the company’s plan to regain compliance or that the company will be able to regain compliance within any extension period granted by Nasdaq.
If Hallmark 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.
