Allcity Insurance Company Announces Delisting From Nasdaq.Business Editors BROOKLYN, N.Y.--(BUSINESS WIRE)--Feb. 20, 2002 Allcity Insurance Company (ALCI-NASDAQ) (the "Company") today announced that it has received notice from Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. , Inc. ("Nasdaq") indicating that the Nasdaq staff has determined that its shares will be delisted, effective February 25, 2002, due to the Company's failure to hold its annual shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. and to otherwise meet Nasdaq's proxy solicitation requirements for the fiscal year ended December 31, 2001, as required by Nasdaq's Marketplace Rules 4350(e) and 4350(g), respectively. The Company was also advised by Nasdaq that for the last 30 consecutive days it has failed to meet the minimum market value of publicly held shares and the minimum bid price per share as required by Nasdaq's Marketplace Rules 4450(a)(2) and 4450(a)(5). The Company anticipates that its common shares may be quoted on the over-the-counter bulletin board commencing on February 25, 2002 under a new ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors . As part of the Empire Group, Allcity is a property casualty insurer that formerly specialized in commercial and personal property and casualty insurance business primarily in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . The statement that the Company's common shares may be quoted on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. constitutes a forward looking statement within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and is subject to certain risks and uncertainties over which the Company may have no control, such as the failure of market makers to register to quote the Company's common shares on the OTCBB OTCBB See OTC Bulletin Board (OTCBB). . The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. |
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