CRM Holdings, Ltd. Receives NASDAQ Notice of Non-Compliance with Minimum Bid Price Requirement
11 Novembre 2009 - 2:00PM
Business Wire
CRM Holdings, Ltd. (“CRM” or “the Company”) (Nasdaq: CRMH), a
provider of a full range of products and services for the workers’
compensation insurance industry, today announced that it received a
Nasdaq Staff Deficiency Letter on November 10, 2009 indicating that
the Company fails to comply with the minimum bid price requirement
for continued listing on the NASDAQ Global Select Market as set
forth in Marketplace Rule 5450(a)(1). The letter gives the Company
notice that the bid price of its common shares has closed under
$1.00 for the last 30 consecutive business days. The notification
does not result in the immediate delisting of the Company’s common
shares from the NASDAQ Global Select Market.
The Company has until May 10, 2010 to regain compliance with the
minimum closing bid price requirement. To regain compliance, the
closing bid price of the Company's common shares must meet or
exceed $1.00 per share for at least ten consecutive business days.
The letter states that the Nasdaq staff will provide written
notification that the Company has achieved compliance with Rule
5450(a)(1) if at any time before May 10, 2010, the bid price of the
Company's common shares closes at $1.00 per share or more for a
minimum of 10 consecutive business days.
If the Company does not regain compliance by May 10, 2010,
Nasdaq will provide written notification to the Company that the
Company’s common shares will be delisted. At that time, the Company
may appeal Nasdaq’s delisting determination to a Nasdaq Listing
Qualifications Panel. Alternatively, the Company may apply to
transfer the listing of its common shares to the NASDAQ Capital
Market if it satisfies all criteria for initial listing on the
NASDAQ Capital Market, other than compliance with the minimum bid
price requirement. If such application to the NASDAQ Capital Market
is approved, then the Company may be eligible for an additional
grace period.
The Company is considering actions that it may take in response
to this notification in order to regain compliance with the
continued listing requirements.
About CRM Holdings, Ltd.
CRM Holdings, Ltd. is a provider of workers' compensation
insurance products. Its main business activities include
underwriting primary workers' compensation policies, underwriting
workers' compensation reinsurance and excess insurance policies,
and providing fee-based management and other services to
self-insured entities. The Company provides primary workers'
compensation insurance to employers in California, Arizona,
Florida, Nevada, New Jersey, New York, and other states. The
Company reinsures some of the primary business underwritten and
provides excess workers' compensation coverage for self-insured
organizations. CRM is also a provider of fee-based management
services to self-insured groups in California. Further information
can be found on the Company’s website at
http://www.CRMHoldingsLtd.bm.
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