AmTrust Financial Services, Inc. Receives Anticipated Nasdaq and NYSE Notices Due to Previously Announced Delay in 10-K Filin...
March 23 2017 - 05:00PM
AmTrust Financial Services, Inc. (Nasdaq:AFSI) (the “Company” or
“AmTrust”) today announced that, as anticipated, it has received
notifications from the Nasdaq Stock Market (“Nasdaq”) and New York
Stock Exchange (“NYSE”) informing AmTrust that it is not in
compliance with Nasdaq Listing Rule 5250(c)(1) and NYSE’s Rule
802.01E of the NYSE Listed Company Manual with respect to the
Company’s common stock and Non-Cumulative Preferred Stock Series
A-F, respectively, as a result of AmTrust’s delay in filing its
Annual Report on Form 10-K for the fiscal year ended December 31,
2016 (the “Form 10-K”). Such notices are routinely issued by Nasdaq
and the NYSE in situations when there are late filings with the
Securities and Exchange Commission.
The Nasdaq and NYSE notices have no immediate
impact on the listing of AmTrust’s common stock on the Nasdaq or on
the listing of AmTrust’s Non-Cumulative Preferred Stock Series A-F
on the NYSE.
Under Nasdaq rules, AmTrust has until May 16, 2017
to file its Form 10-K or submit a plan to Nasdaq to regain
compliance with its reporting obligations. If AmTrust is unable to
file its Form 10-K prior to May 16, 2017, the Company intends to
submit a compliance plan on or prior to that date.
Under NYSE rules, the Company has up to six months
from March 16, 2017 to file its Form 10-K to regain compliance. If
AmTrust is unable to file its Form 10-K prior to such date, the
NYSE may grant, in its sole discretion, an additional six-month
extension, depending on the specific circumstances.
On March 16, 2017, AmTrust announced that its Form
10-K would be delayed and that it intends to file the Form 10-K as
soon as practicable. The Company intends to take all necessary
steps to achieve compliance with the continued listing requirements
of Nasdaq and the NYSE.
About AmTrust Financial Services,
Inc.
AmTrust Financial Services, Inc., a multinational
insurance holding company headquartered in New York City, offers
specialty property and casualty insurance products, including
workers' compensation, commercial automobile, general liability and
extended service and warranty coverage through its primary
insurance subsidiaries rated “A” (Excellent) by A.M. Best. For
more information about AmTrust, visit www.amtrustgroup.com, or call
AmTrust toll-free at (855) 327-2223.
Forward Looking Statements
This news release contains certain forward-looking
statements that are intended to be covered by the safe harbors
created by The Private Securities Litigation Reform Act of 1995.
When we use words such as “anticipate,” “intend,” “plan,”
“believe,” “estimate,” “expect,” or similar expressions, we do so
to identify forward-looking statements. Examples of forward-looking
statements include the anticipated timing of filings of restated
financials and periodic SEC filings and submissions to the national
securities exchanges, and are based on current expectations that
involve assumptions that are difficult or impossible to predict
accurately and many of which are beyond our control. Actual results
may differ materially from those expressed or implied in these
statements as a result of significant risks and uncertainties,
including, but not limited to, non-receipt of expected payments
from insureds or reinsurers, changes in interest rates, a downgrade
in the financial strength ratings of our insurance subsidiaries,
the effect of the performance of financial markets on our
investment portfolio, the amounts, timing and prices of any share
repurchases made by us under our share repurchase program,
development of claims and the effect on loss reserves, accuracy in
projecting loss reserves, the cost and availability of reinsurance
coverage, the effects of emerging claim and coverage issues,
changes in the demand for our products, our degree of success in
integrating acquired businesses, the effect of general economic
conditions, state and federal legislation, regulations and
regulatory investigations into industry practices, the impact of
known or potential errors or misstatements in our financial
statements, our ability to timely and effectively remediate the
material weaknesses in our internal control over financial
reporting and implement effective internal control over financial
reporting and disclosure controls and procedures in the future, our
ability to regain compliance with Nasdaq and NYSE continued listing
standards and rules, risks associated with conducting business
outside the United States, the impact of Brexit, developments
relating to existing agreements, disruptions to our business
relationships with Maiden Holdings, Ltd. or National General
Holdings Corp., breaches in data security or other disruptions with
our technology, heightened competition, changes in pricing
environments, and changes in asset valuations. Additional
information about these risks and uncertainties, as well as others
that may cause actual results to differ materially from those
projected, is contained in our filings with the SEC, including our
Annual Report on Form 10-K and our quarterly reports on Form 10-Q.
The projections and statements in this news release speak only as
of the date of this release, and we undertake no obligation to
update or revise any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as may
be required by law.
AFSI-F
CONTACT:
AmTrust Financial Services, Inc.
Chief Communications Officer & SVP Corporate Affairs
Chaya Cooperberg
chaya.cooperberg@amtrustgroup.com
(646) 458-3332
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