CRM Holdings, Ltd Announces Receipt of Nasdaq Delisting Notice; Company Will Appeal & Commit to Effect a Reverse Split of Com...
14 Maggio 2010 - 12:43AM
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 on May 12,
2010 it received a letter from The Nasdaq Stock Market informing
the Company that its common shares have failed to comply with the
$1.00 minimum bid price required for continued listing on The
Nasdaq Global Market under Nasdaq Listing Rule 5450(a) (1), and, as
a result, the Company’s common shares are subject to delisting. The
letter further stated that the Company may appeal the Nasdaq Staff
delisting determination to a Nasdaq listing qualifications hearings
panel (the “Panel”).
The Company intends to appeal the Staff’s determination. There
can be no assurance that the Panel will grant the Company’s request
for continued listing; however, the appeal will stay the delisting
of the Company’s common shares from The Nasdaq Global Market
pending the Panel’s decision. The Company intends to present a plan
that includes a discussion of the actions the Company expects to
take to regain compliance with Nasdaq Listing Rule 5450(a) (1),
including a commitment to effect a reverse stock split. At the
Company’s annual meeting held on May 5, 2010, the shareholders of
the Company authorized the Board of Directors to effect up to a one
for ten reverse split of the Company’s common shares if necessary
to maintain the listing of the common shares on The Nasdaq Global
Market.
James J. Scardino, Chief Executive Officer of CRM Holdings,
said, “We are cognizant of the value to our shareholders of the
listing of our shares on Nasdaq given the liquidity and pricing
efficiency that the exchange provides. Moreover, maintaining our
Nasdaq listing may be important as we pursue the strategic
initiatives we announced last week.”
About CRM Holdings, Ltd.
CRM Holdings, Ltd. is a specialty provider of workers’
compensation insurance products. Through its subsidiaries, CRM
Holdings offers workers’ compensation insurance coverage,
reinsurance, and fee-based management services for self-insured
entities. The Company seeks to provide quality products and
services that fit the needs of its insureds and clients and is
dedicated to developing and maintaining a mutually beneficial,
long-term relationship with them. The Company’s workers’
compensation insurance coverage is offered to employers in
California, New York, New Jersey, Arizona, Nevada, and other
states. The Company's reinsurance is underwritten from Bermuda, and
the fee-based management services are provided to self-insured
entities in California. Further information can be found on the
Company’s website at http://www.CRMHoldingsLtd.bm.
CRMH-E
Forward-Looking statements
This press release contains forward-looking statements within
the meaning of federal securities law, including statements
concerning plans, objectives, goals, strategies, projections of
future events or performance and underlying assumptions (many of
which are based, in turn, upon further assumptions). These
statements are based on our current expectations and projections
about future events and are identified by terminology such as
“may,” “will,” “should,” “expect,” “scheduled,” “plan,” “seek,”
“intend,” “anticipate,” “believe,” “estimate,” “aim,” “potential,”
or “continue” or the negative of those terms or other comparable
terminology.
All forward-looking statements involve risks and uncertainties.
Although we believe that our plans, intentions and expectations are
reasonable, we may not achieve our plans, intentions or
expectations. There are or may be important factors that could
cause actual results to differ materially from the forward-looking
statements we make in this document. Such risks and uncertainties
are discussed in the Company’s Form 10-K for the year ended
December 31, 2009 and in other documents filed by the Company with
the Securities and Exchange Commission. We believe that these
factors include, but are not limited to the following:
- The cyclical nature of the
insurance and reinsurance industry;
- Premium rates;
- Investment results;
- The estimation of loss reserves
and loss reserve development;
- The possibility that the outcome
of any litigation, arbitration or regulatory proceeding is
unfavorable;
- Legislative and regulatory
changes;
- Reinsurance may be unavailable
on acceptable terms, and we may be unable to collect
reinsurance;
- The effects of competition;
- Failure to retain key
personnel;
- Economic downturns;
- The occurrence and effects of
wars and acts of terrorism; and
- Natural disasters.
These risks and others could cause actual results to differ
materially from those expressed in any forward-looking statements
made. The Company undertakes no obligation to update publicly or
revise any forward-looking statements made.
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