Atlantic American Corp. (NASDAQ:AAME) shares fell 15.19% to $1.34 in after-hours trading Thursday after the company disclosed that Nasdaq had initiated delisting proceedings over delayed regulatory filings.
Atlantic American is an insurance holding company operating in specialty life, health, and property and casualty insurance markets through its subsidiaries.
Nasdaq Initiates Delisting Proceedings
Atlantic American said it received a Staff Delisting Determination from Nasdaq on Oct. 16, notifying the company that the exchange had initiated a process to delist its common stock.
The determination followed the company’s failure to file its annual report on Form 10-K for fiscal 2025 and its quarterly reports on Form 10-Q for the quarters ended March 31 and June 30, 2026, by the extended deadline of Oct. 12.
The missed filings put the company out of compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to submit periodic reports to the Securities and Exchange Commission on time.
Atlantic American subsequently filed its 2025 Form 10-K with the SEC on Oct. 16. The company said it continues to work toward filing the remaining overdue quarterly reports and regaining compliance.
Company Plans To Appeal Nasdaq Decision
Atlantic American intends to appeal the determination by requesting a hearing before the Nasdaq Hearings Panel. The deadline to submit the hearing request is Oct. 23.
Under Nasdaq’s listing rules, submitting the request automatically stays the delisting action for 15 calendar days from the request date. The company also plans to seek an additional stay while the hearing process is underway.
Hearings are typically scheduled approximately 30 to 45 days after a company’s request, according to the determination.
Atlantic American said it plans to present a detailed compliance plan to the panel. The company expects its shares to continue trading on the Nasdaq Global Market during the hearing process, although it cautioned that there is no guarantee the panel will grant the requested relief.
Trading Metrics, Technical Analysis
Atlantic American has a market capitalization of approximately $32.23 million.
The stock has traded between a 52-week high of $3.24 and a 52-week low of $1.03.
Over the past year, AAME shares have fallen approximately 48.87%.
Benzinga Edge Stock Rankings show a positive short-term price trend and negative medium- and long-term price trends.
Price Action: AAME shares closed regular trading at $1.58 on Thursday, up 8.97% for the session.
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