AMERICAN COASTAL INSURANCE Corp 8-K, filed Oct 18, 2022
AMERICAN COASTAL INSURANCE Corp (ACIC)
8-K
2022-10-18
For: 2022-10-17
View Original
Added on
April 12, 2026
About this 8-K
AMERICAN COASTAL INSURANCE Corp filed this 8-K on October 18, 2022, reporting on events of October 17, 2022.
Items reported
- Item 3.01: Delisting notice or listing transfer
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 17, 2022
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On October 17, 2022, United Insurance Holding Corp. (“UIHC” or “the Company”) received written notice (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") notifying the Company that, based on the closing bid price of the Company's common stock for the last 30 consecutive business days, the Company no longer complies with the minimum bid price requirement for continued listing on The Nasdaq Global Market. Nasdaq Listing Rule 5450(a)(1) requires listed securities to maintain a minimum bid price of $1.00 per share (the "Minimum Bid Price Requirement"), and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the Minimum Bid Price Requirement exists if the deficiency continues for a period of 30 consecutive business days.
Pursuant to the Nasdaq Listing Rules, the Company has been provided an initial compliance period of 180 calendar days to regain compliance with the Minimum Bid Price Requirement. To regain compliance, the closing bid price of the Company's common stock must be at least $1.00 per share for a minimum of 10 consecutive business days prior to April 15, 2023.
If the Company does not regain compliance by April 15, 2023, the Company may be eligible for an additional 180 calendar day compliance period. If the Company does not regain compliance within the compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Company's common stock will be subject to delisting.
The Notice has no immediate effect on the listing of the Company's common stock on Nasdaq. The Company intends to monitor the closing bid price of the Company's common stock and consider its available options to resolve the noncompliance with the Minimum Bid Price Requirement.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| UNITED INSURANCE HOLDINGS CORP. | ||||||||
| October 18, 2022 | By: | /s/ B. Bradford Martz | ||||||
| B. Bradford Martz, Chief Financial Officer and President (principal financial officer and principal accounting officer) | ||||||||