Patriot National Surges 8%, Company Reaffirms Commitment To Continue Exploring Strategic Alternatives

Shares of

, a provider of outsourcing solutions within the workers' compensation marketplace, spiked higher by more than 8 percent on Friday after the company

announced in late February

that its management team and a special board committee will assess strategic alternatives available to the company, including evaluating any unsolicited proposals. "Patriot National is fortunate to have a Board of Directors committed to lending their experience and skills to help facilitate, as well as oversee, these strategic value creation initiatives," the company said in February. "Three of our outside directors have agreed to serve on a new committee expressly dedicated to this mission. Our management team looks forward to working with the Board committee in our collective efforts to enhance shareholder value." In its latest update to investors, Patriot National reaffirmed that its board committee continues to explore strategic alternatives to maximize value for shareholders, including a potential sale of itself. However, the company did note that there are no assurances of any actions to be taken and the exploration of strategic alternatives could be terminated at any time. Finally, Patriot National stated that it does not expect to make any further public announcements unless a decision with respect to a specific action is taken.