AlphaStar Insurance Group Limited reported that the Nasdaq Listing Qualifications Department notified the Company on Aug. 1, 2003 that its securities will be delisted at the opening of business on Tuesday, Aug. 5, 2003. The reason for the delisting is the Company’s inability to demonstrate full compliance with the requirements for continued listing on The Nasdaq Small Cap Market. In particular, the Company has failed to timely file its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2002 and its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2003. The Company therefore is not in compliance with the filing requirements for continued listing set forth in NASD Marketplace Rule 4310 (c)(14), which requires that Nasdaq issuers timely file their periodic reports in compliance with the reporting obligations under the federal securities laws. The Company was further informed that its shares will not be immediately eligible for trading on the OTC Bulletin Board due to these same filing deficiencies.
Stephen A. Crane, the Company’s chairman, president and CEO, commented that: “We believe that the current regulatory environment, together with the Company’s publicly announced plans to divest itself of a major subsidiary and its deteriorating overall results, have delayed completion of our periodic reports. We will continue to work with the auditors to try to bring this gridlock to an end.”
As of the opening of business on April 22, 2002, the Company’s trading symbol, “ASIG”, was amended to include the fifth character “E” to denote the Company’s filing delinquency.
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