Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
On September 22, 2022, Unico American Corporation (the "Company") received
written notice from Nasdaq stating that the Company is not in compliance with
the requirement of a minimum Market Value of Publicly Held Shares ("MVPHS") of
$5,000,000 for continued listing on the Nasdaq Global Market, as set forth in
Nasdaq Listing Rule 5450(b)(1)(C). Nasdaq calculates MVPHS by subtracting from
the total shares of common stock outstanding any shares held by officers,
directors or any person who beneficially owns more than 10% of the total shares
outstanding. The notice has no immediate effect on the listing of the Company's
common stock, and its common stock will continue to trade on the Nasdaq Global
Market under the symbol "UNAM" at this time. In accordance with Nasdaq Listing
Rule 5810(c)(3)(D), the Company has a period of 180 calendar days, or until
March 21, 2023, to regain compliance with the minimum MVPHS requirement. To
regain compliance, the minimum MVPHS of the Company's common stock must meet or
exceed $5,000,000 for at least ten consecutive business days during this
180-calendar day compliance period.
If the Company does not regain compliance with the minimum MVPHS requirement by
March 21, 2023, Nasdaq will provide written notification to the Company that its
securities are subject to delisting. Alternatively, the Company may consider
applying to transfer the Company's securities to the Nasdaq Capital Market which
has a minimum MVPHS requirement of $1,000,000, provided that the Company meets
the Nasdaq Capital Market's continued listing requirements.
The company intends to monitor the MVPHS of its common stock between now and
March 21, 2023 and will consider the various options available to the Company if
its common stock does not trade at a level that is likely to regain compliance.
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