ITASCA, IL, April 21, 2020 /CNW/ - (NYSE: KFS) Kingsway
Financial Services Inc. ("Kingsway" or the "Company") today
announced it received notice from the New York Stock Exchange
("NYSE") that the Company is not in compliance with NYSE listing
standard 802.01E because it had not timely filed its Annual Report
on Form 10-K for the fiscal year ended December 31, 2019 (the "2019 Form 10-K"). NYSE
has informed the Company it will closely monitor the status of
Kingsway's late filing and related public disclosures for up to a
six-month period from its due date. Kingsway will continue to work
with its auditors with the objective of filing its 2019 Form 10-K
as soon as practicable.
The Company also today announced that it received a notice from
NYSE that the Company is not in compliance with NYSE listing
standard 802.01B because its average
global market capitalization over a consecutive 30 trading-day
period is less than $50,000,000 and
stockholders' equity is less than $50,000,000. NYSE has informed the Company that
it may submit a plan advising NYSE of how the Company will become
compliant with the applicable listing standard within 18 months.
The Company intends to submit such a plan to NYSE as soon as
reasonably practicable. If the plan is accepted, NYSE has advised
that it will not initiate suspension and delisting procedures but
will monitor the Company's compliance with the plan on a quarterly
basis.
About the Company
Kingsway is a holding company that owns or controls subsidiaries
primarily in the extended warranty, asset management and real
estate industries. The common shares of Kingsway are listed on the
New York Stock Exchange under the trading symbol "KFS."
Forward-Looking Statements
This press release may include "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 that are not
historical facts, and involve risks and uncertainties that could
cause actual results to differ materially from those expected and
projected. Words such as "expects," "believes," "anticipates,"
"intends," "estimates," "seeks" and variations and similar words
and expressions are intended to identify such forward-looking
statements; however, the absence of any such words does not mean
that a statement is a not a forward-looking statement. Such
forward-looking statements relate to future events or future
performance but reflect Kingsway management's current beliefs,
based on information currently available. A number of factors could
cause actual events, performance or results to differ materially
from the events, performance and results discussed in the
forward-looking statements. For information identifying important
factors that could cause actual results to differ materially from
those anticipated in the forward-looking statements, please refer
to the section entitled "Risk Factors" in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2018, as updated in the Company's
subsequent Quarterly Reports on Form 10-Q. Except as expressly
required by applicable securities law, the Company disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise.
Additional Information
Additional information about Kingsway, including a copy of its
2018 Annual Report and filings on Forms 10-Q and 8-K, can be
accessed on the Canadian Securities Administrators' website at
www.sedar.com, on the EDGAR section of the U.S. Securities and
Exchange Commission's website at www.sec.gov or through the
Company's website at www.kingsway-financial.com.
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SOURCE Kingsway Financial Services Inc.