HALLMARK FINANCIAL SERVICES INC: Nasdaq/NYSE listing notice — Hallmark gets Nasdaq bid-price deficiency notice; files 1-for-10 reverse split effective Jan 1

HALLMARK FINANCIAL SERVICES INC

Nasdaq notice on Dec 2, 2022: common stock closing bid below $1.00 for 30 consecutive days.
Company has 180 calendar days (until ~Mar 31, 2023) to regain compliance via $1.00 bid for 10 consecutive days.
Reverse stock split ratio: 1-for-10; par value changes from $0.18 to $1.00; authorized shares reduced to 3,333,333.
Reverse split effective 12:01 a.m. on Jan 1, 2023; fractional shares rounded up to next whole share.
No immediate effect on listing; risk of delisting if compliance not regained in time.

item 3.01 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

HALLMARK FINANCIAL SERVICES INC received a nasdaq deficiency notice notice regarding minimum bid price.

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price

Exact text from the filing

December 2, 2022, Hallmark Financial Services, Inc. (the “Company”) received notice from Nasdaq that, based on the closing bid price of the Company’s common stock for the last 30 consecutive days, the Company was not in compliance with Nasdaq’s continued listing standard requiring maintenance of a minimum bid price of $1.00 per share. The notice advised that Nasdaq’s rules provide a period of 180 calendar days to regain compliance with the minimum bid price continued listing standard. As a result, if the Company’s closing bid price is at least $1.00 per share for a minimum of ten consecutive d

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

HALLMARK FINANCIAL SERVICES INC: Filing of Certificate of Change to effect a one-for-ten reverse stock split and adjust par value to $1.00 per share, effective January 1, 2023 (effective 2023-01-01).

Change: charter amendment
Effective: 2023-01-01

Exact text from the filing

On November 29, 2022, Hallmark Financial Services, Inc. (the “Company”) filed with the Secretary of State of the State of Nevada a Certificate of Change Pursuant to NRS 78.209 (the “Certificate of Change”) which will become effective as of 12:01 a.m. on January 1, 2023.

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Source: SEC EDGAR

accession 0001104659-22-124483

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