HALLMARK FINANCIAL SERVICES INC: Nasdaq/NYSE listing notice — Hallmark Financial to voluntarily delist from Nasdaq on Jan 5, 2024 due to listing deficiencies

HALLMARK FINANCIAL SERVICES INC

Failure to meet minimum MVPHS ($5M) and stockholders' equity ($10M) requirements; no viable remediation plan.
Board approved delisting; last trading day on Nasdaq expected Jan 5, 2024.
Company expects shares to be quoted on OTC Pink Markets but no guarantee of continued trading.
Company intends to continue reporting under Securities Exchange Act.

item 3.01

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 delisting notice notice regarding market value (rules 5450(b)(1)(c)).

Exchange: nasdaq
Notice: delisting notice
Deficiency: market value
Rules: 5450(b)(1)(c)

Exact text from the filing

quirements for continued listing on the exchange and the lack of a viable plan to remediate both such deficiencies within their established grace periods. On September 28, 2023, Hallmark Financial Services, Inc. (the “ Company ”) was notified by Nasdaq Regulation that the Company no longer met Rule 5450(b)(1)(c), which requires listed companies on the Nasdaq Global Market to maintain a minimum “Market Value of Publicly Held Shares” (or “ MVPHS ”) of at least $5,000,000 in the last 30 consecutive business days. The Rules provide the Company a period of 180 calendar days to regain compliance wit

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

HALLMARK FINANCIAL SERVICES INC received a nasdaq deficiency notice notice regarding stockholders equity (rules 5450(b)(1)(A)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: stockholders equity
Rules: 5450(b)(1)(A)

Exact text from the filing

d regain compliance with this Rule if the MVPHS of its common stock closes at $5,000,000 or above for at least 10 consecutive business days before the compliance period expires on March 26, 2024. On November 16, 2023, the Company was notified by Nasdaq Regulation that the Company no longer met Rule 5450(b)(1)(A), which requires companies listed on the Nasdaq Global Market to maintain a minimum of $10,000,000 in stockholders’ equity for continued listing. Under Nasdaq Rules, the Company has 45 calendar days, or until January 2, 2024, to submit a plan to regain compliance. (a “ Remediation Plan

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Source: SEC EDGAR

accession 0001104659-23-129164

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