CRM Holdings, Ltd. to Transfer to Nasdaq Capital Market
May 20 2010 - 3:05PM
Business Wire
CRM Holdings, Ltd. (“CRM” or “the Company”) (Nasdaq: CRMH) today
announced that The Nasdaq Stock Market, LLC has approved CRM’s
application to transfer its stock listing from the NASDAQ Global
Select Market to the NASDAQ Capital Market. The transfer will be
effective at the opening of the market on Friday, May 21, 2010. The
Company’s stock will continue to be traded under the symbol “CRMH”
and the transfer will have no impact on the ability of investors to
trade the stock. The NASDAQ Capital Market is a continuous trading
market that operates in the same manner as The NASDAQ Global Select
Market, and it includes the securities of approximately 450
companies. All companies listed on The NASDAQ Capital Market must
meet certain financial requirements and adhere to Nasdaq’s
corporate governance standards.
In accordance with Nasdaq Marketplace Rules, the Company has
been granted an additional 180 days from May 10, 2010, or until
November 8, 2010, to demonstrate compliance with the $1.00 bid
price requirement of The NASDAQ Capital Market. This additional
180-day grace period allows the Company to defer implementation of
a reverse stock split. The Company’s listing transfer is in
response to the letter received from the Nasdaq on May 12, 2010,
informing the Company that its common shares had failed to comply
with the $1.00 minimum bid price required for continued listing on
the NASDAQ Global Select Market, and, as a result, the Company’s
common shares were subject to delisting. If compliance with the
$1.00 bid price requirement is not regained by November 8, 2010,
Nasdaq will notify the Company of its determination to delist the
Company’s common shares, which decision may be appealed to a Nasdaq
Listing Qualifications Panel.
“The transfer to the Capital Market allows our investors to
continue to benefit from our shares being listed on the Nasdaq
Stock Market without implementation of a reverse stock split. It
further allows us to maintain our visibility with the investment
community, liquidity and pricing efficiency while we continue
pursuing strategic alternatives,” said James J. Scardino, the
Company’s Chief Executive Officer.
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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