CHICAGO--(BUSINESS WIRE)--Atlas Financial Holdings, Inc. (OTC: AFHIF) (“Atlas” or the “Company”) today announced that its shares would be suspended from the Nasdaq Capital Market ("Nasdaq") at the opening of business on September 2, 2020. The determination by Nasdaq to commence the delisting process resulted from the Company’s inability to satisfy certain of Nasdaq’s continued listing standards as previously disclosed by the Company. The suspension and delisting were first disclosed by the Company in its Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on August 31, 2020.
The Company’s common shares are expected to begin trading under the symbol “AFHIF” on the Pink Open Market, which is operated by OTC Markets Group Inc. (“OTC Pink”), effective with the open of markets on September 2, 2020. The Company will remain subject to the public reporting requirements of the SEC following the transfer to the OTC Pink. The Company does not believe that the transition to the over-the-counter markets will affect the Company's business operations.
As previously announced, the Company has made substantial progress in connection with its strategic transition toward an asset-light managing general agency (“MGA”) business model.
Scott D. Wollney, President & CEO of Atlas, stated, “We understand Nasdaq’s decision in light of their earlier defined timelines. Our Team continues to focus on generating positive EBITDA from our MGA operation and best positioning the operation for future success, while working to reduce risk and capital requirements related to traditional primary insurance company operations. We intend to continue working towards becoming current with our financial reporting, while also leveraging our existing infrastructure, data, and previous investment in specialty commercial auto into different applications in the future.”
The primary business of Atlas is commercial automobile insurance in the United States, with a niche market orientation and focus on insurance for the “light” commercial automobile sector including taxi cabs, non-emergency para-transit, limousine/livery (including full-time transportation network company drivers) and business auto. The Company’s strategy is focused on leveraging its managing general agency operation (“AGMI”) and its insuretech digital platform (“optOn”). For more information about Atlas, please visit www.atlas-fin.com, www.agmiinsurance.com, and www.getopton.com.
This release includes forward-looking statements regarding Atlas and its insurance subsidiaries and businesses. Such statements are based on the current expectations of the management of each entity. The words “anticipate,” “expect,” “believe,” “may,” “should,” “estimate,” “project,” “outlook,” “forecast” or similar words are used to identify such forward looking information. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including risks regarding the effects and duration of the COVID-19 outbreak, the insurance industry, economic factors and the equity markets generally and the risk factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and subsequent periodic reports. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Atlas and its subsidiaries undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.