Unico American Corporation Receives Notification from Nasdaq Regarding Delayed Quarterly Report on Form 10-Q

CALABASAS, CA / ACCESSWIRE / November 26, 2021 / On November 23, 2021, Unico American Corporation (NASDAQ: UNAM) (“Unico” or the “Company”) filed a current report on Form 8-K with the Securities and Exchange Commission (the “SECOND“) announcing receipt by the Company of a notice (the”Opinion“) from the Nasdaq advising the Company that, because its Form 10-Q for the period ended September 30, 2021 (the”September 10-Q“) had not been filed with the SEC by the required due date of November 15, 2021, the Company is not in compliance with the periodic filing requirements for maintenance of listing set out in the Rule of Nasdaq listing 5250 (c) (1) (the “To reignToday, the company issued a press release regarding its receipt of the Nasdaq advisory.

Under the Nasdaq rules, the company has 60 calendar days from receipt of the notice to submit a plan to restore compliance with the rule. If the Nasdaq accepts the Company’s plan, then the Nasdaq may grant a waiver of up to 180 calendar days from the September 10-Q deadline to restore compliance. However, there can be no assurance that the Nasdaq will accept the Company’s plan to restore compliance or that the Company will be able to restore compliance during an extension period granted by the Nasdaq. If the Nasdaq does not accept the Company’s plan, then the Company will have the option of appealing this decision to a Nasdaq hearing panel. The notice received from Nasdaq has no immediate effect on the listing or trading of the Company’s shares. However, if the Company fails to comply with the Rule in a timely manner, the securities of the Company will be subject to delisting from Nasdaq.

Based in Calabasas, California, Unico is an insurance holding company that underwrites P&C insurance through its subsidiary of insurance company; provides damage and health insurance through its agency subsidiaries; and, through its other subsidiaries, provides insurance premium and membership association financing services. Unico has conducted the majority of its operations through its subsidiary Crusader Insurance Company since 1985. For more information on Crusader Insurance Company, please visit the Crusader website at www.crusaderinsurance.com.

Forward-looking statements

This press release may contain “forward-looking statements” within the meaning of federal securities laws, including Section 27A of the Securities Act of 1933, as amended (or “the Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (or the “Exchange Act”). In this context, forward-looking statements are not historical facts and include statements about the plans, objectives, beliefs and expectations of the Company. Forward-looking statements include statements preceded, followed by, or which include the words “believes”, “expects”, “plans”, “seeks”, “plans”, “believes”, “intends” , “Projects”, “” targets “,” should “,” could “,” could “,” will “,” may “,” may have “,” probably “, the negative aspects of these or words and similar expressions.

Forward-looking statements are only predictions and are not guarantees of future performance. These statements are based on current expectations and assumptions involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond the control of the society. These predictions are also affected by known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to differ materially from those expressed or implied by any forward-looking statement. Many of these factors are beyond the Company’s ability to control or predict. The actual results of the Company could differ materially from the results contemplated by these forward-looking statements due to a number of factors. These factors include, but are not limited to, Unico’s ability to continue to operate as “going concern”; substantial historical net losses of Crusader, the Company’s principal subsidiary, which may continue into the future; failure to meet minimum capital and surplus requirements for P&C insurance companies; Crusader will be limited in the amount of dividends that it can declare and pay to Unico due to the decrease in its insured’s surplus; possible restrictions on new business that may be written by Crusader through its primary insurance regulator due to its reduced insured surplus; vulnerability to climate change and catastrophic loss of property; the impact of the recent coronavirus pandemic; changes in accounting standards, including those issued by the Financial Accounting Standards Board; ability to accurately adjust claims; insufficient provisions for claims and claims settlement costs to cover future claims; changes in federal or state tax laws; ability to realize deferred tax assets; ability to accurately underwrite risks and charge adequate premiums; the ability to obtain reinsurance or recover from reinsurers and / or losses in excess of reinsurance limits; significant changes in regulations and legislation; the use of subsidiaries to meet obligations, including privacy and data protection laws; downgrading of the financial strength rating or the long-term credit rating by AM Best; changes in interest rates; investments subject to credit, prepayment and other risks; geographic concentration; the use of independent insurance agents and brokers; insufficient reserve for bad debts; litigation; the applicability of exclusions and limitations in policies; use of information technology systems; ability to prevent or detect acts of fraud through disclosure controls and procedures; change in general economic conditions; dependence on key personnel; ability to attract, develop and retain employees and maintain appropriate staffing levels; insolvency, financial hardship or failure to perform obligations by parties with significant contracts or relationships; ability to compete effectively; maximizing long-term value which can sometimes conflict with short-term profit expectations; control by a small number of shareholders; failure to maintain an effective system of internal controls; difficulty in effecting a change of control or the sale of any subsidiary; the negative impact of new claims and coverage issues; the risk management framework may prove to be inadequate; single operating site; damage to systems, failures, interruptions, cyber attacks and intrusions, or unauthorized data disclosures; delays and cost overruns in upgrading their old IT system; contributions levied by various pools and subscription programs; limited stock trading; no assurance of dividend declaration in the future, so returns may be limited to the value of the shares; and significant costs and management time spent operating as a public company.

Please refer to Part I – Item 1A – “Risk Factors” in the Company’s 2020 Annual Report on Forms 10-K and 10-Q for the quarterly period ended June 30, 2021, as filed with the Securities and United States Exchange Commission (“SEC”), as well as other documents that the Company files or provides to the SEC from time to time, for other material risks and uncertainties which could cause the actual results of the Company differ materially from its current expectations and the forward-looking statements discussed here. Due to these and other risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. In addition, these statements speak only to ” as of the date of this press release and, except as required by law, the Company assumes no obligation to publicly review or update any forward-looking statements, whether as a result of changes in circumstances nces, new information, future events or the like, for any reason.

THE SOURCE: Unico American Corporation

See the source version on accesswire.com:
https://www.accesswire.com/674794/Unico-American-Corporation-Receives-Notification-from-Nasdaq-Related-to-Delayed-Quarterly-Report-on-Form-10-Q


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