ITASCA, IL, July 16, 2020 /PRNewswire/ - (NYSE: KFS)
Kingsway Financial Services Inc. ("Kingsway" or the "Company")
today announced that the New York Stock Exchange ("NYSE") has
accepted the Company's business plan to regain compliance with NYSE
continued listing standard 802.01B.
"We are pleased that the NYSE has accepted our plan to regain
compliance with its continued listing standards," said John T. Fitzgerald, Chief Executive Officer.
"With the support of our board of directors, we remain focused on
executing on our organizational strategy to deliver value for our
shareholders."
As previously disclosed, on April 17,
2020 the Company received a notice from NYSE that the
Company was not in compliance with NYSE listing standard
802.01B because at such time our
average global market capitalization over a consecutive 30
trading-day period was less than $50,000,000 and stockholders' equity was less
than $50,000,000.
Based upon a review of the compliance plan and information
submitted by the Company, the NYSE has accepted the submission. In
accordance with NYSE rules, the Company will now be given until
December 26, 2021 to regain
conformity with continued listing standards. The Company's common
stock will continue to be listed on the NYSE during such time,
subject to the Company's compliance with other continued listing
standards. The Company will also be subject to quarterly monitoring
by the NYSE for compliance with the plan. If the Company fails to
comply with the plan or does not meet continued listing standards
at the end of the cure period, it will be subject to the prompt
initiation of NYSE suspension and delisting procedures.
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, 2019 (the "2019 Annual Report").
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
2019 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.