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Wednesday, October 16, 2019 8:42:09 PM
PEMBROKE, Bermuda--(BUSINESS WIRE)--Maiden Holdings, Ltd. (NASDAQ: MHLD) ("Maiden" or the "Company") today reported that its principal operating subsidiary, Maiden Reinsurance Ltd. (“Maiden Bermuda”) had submitted the necessary filings to re-domesticate from Bermuda to the State of Vermont in the United States. While the Company is presently targeting a completion of the re-domestication process on or about January 1, 2020, both the licensing in Vermont and the discontinuation process in Bermuda are subject to approval by those respective regulators.
The Company has determined that re-domesticating the Company to Vermont will enable the Company to better align its operations, capital and resources with the Company’s liabilities, which originate mostly in the United States, resulting in a more efficient structure.
The proposed re-domestication, in combination with an extended series of actions previously taken and done in close consultation with the Bermuda Monetary Authority to de-risk the Company’s balance sheet, will continue to strengthen the Company’s capital position and solvency ratios.
The Company also announced that it has applied to transfer the Company’s listing of its common shares from The NASDAQ Global Select Market to The NASDAQ Capital Market. The NASDAQ Capital Market is a continuous trading market that operates in substantially the same manner as The NASDAQ Global Select Market and listed companies must meet certain financial requirements and comply with The NASDAQ Stock Market LLC’s (“NASDAQ”) corporate governance requirements. The Company’s common shares will continue to trade under the symbol “MHLD” and will continue to trade on the NASDAQ Global Select Market during NASDAQ’s review of the application to transfer.
As previously reported on a Current Report on Form 8-K filed with The Securities and Exchange Commission on April 19, 2019, the Company received a letter from NASDAQ informing the Company that the Company did not meet the requirement to maintain a minimum bid price of $1.00 per share for 30 consecutive business days. After consultation with NASDAQ, the Company has applied to transfer the listing of its common shares from The NASDAQ Global Select Market to The NASDAQ Capital Market.
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed in 2007.
https://www.businesswire.com/news/home/20191016005926/en/Maiden-Holdings-Reports-Filings-Re-domesticate-Maiden-Reinsurance
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
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