HALLMARK FINANCIAL SERVICES INC: Nasdaq/NYSE listing notice — Hallmark Financial receives Nasdaq MVPHS deficiency notice; may delist if not cured by March 2024

HALLMARK FINANCIAL SERVICES INC

Nasdaq notified Hallmark on Sept 28, 2023 that MVPHS fell below $5M minimum for 30 consecutive business days.
Company has 180 calendar days, until March 26, 2024, to regain compliance by closing MVPHS at $5M+ for 10 days.
No immediate impact on listing or business operations; company considering transfer to Nasdaq Capital Market.
Deficiency does not cause default under material agreements.

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

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

Exact text from the filing

September 28, 2023, Hallmark Financial Services, Inc. (the “Company”) was notified by Nasdaq Regulation that the Company no longer meets its 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 with this requirement, after which the Company will be subject to delisting from the Nasdaq Global Market. The Company may regain compliance with this Rule

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Source: SEC EDGAR

accession 0001558370-23-016194

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