Oxbridge Re Holdings Ltd - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Oxbridge Re Holdings Limited on April 30, 2020. The filing addresses a notice of non-compliance with Nasdaq listing standards and provides updates on financial disclosures previously made in the Company's 2019 Annual Report.
Key Financial Metrics
Based on disclosures referenced in the filing regarding the period ended December 31, 2019:
- Total Shareholders' Equity (Book Value): Approximately $8,043,000.
- Cash and Restricted Cash: Approximately $8,016,000.
- Shares Outstanding: 5,733,587 ordinary shares.
- Book Value Per Share: Approximately $1.40.
- Losses: No underwriting losses reported for the recent hurricane season; no exposure to recent California wildfires or other global catastrophes.
The filing text does not provide specific revenue, profit, or cash flow figures for the current reporting period.
Material Changes and Listing Status
On April 30, 2020, the Company received notice from Nasdaq that it failed to comply with Listing Rule 5550(a)(2) because its closing bid price remained below the required minimum of $1.00 per share for 30 consecutive business days.
Due to extraordinary market conditions, Nasdaq has tolled the compliance period for price-based requirements through June 30, 2020. The Company has until December 28, 2020 (180 days after the tolling period ends) to regain compliance. Compliance can be achieved if the closing bid price reaches at least $1.00 per share for 10 consecutive business days.
Outlook, Risks, and Management Commentary
Management intends to actively monitor the bid price and consider available options to resolve the deficiency. If the Company fails to regain compliance by December 28, 2020, it may be eligible for an additional 180-day period, provided it meets other listing standards and potentially effects a reverse stock split. There is no assurance that the Company will regain compliance or avoid delisting.
Key Facts for Investor Verification
- Verify the current closing bid price of OXBR to assess proximity to the $1.00 compliance threshold.
- Monitor the Company's ability to maintain the $1.00 bid price for 10 consecutive business days before the December 28, 2020 deadline.
- Confirm whether the Company will need to execute a reverse stock split to regain compliance if the bid price remains low.
- Review the Company's cash position ($8.016 million as of Dec 31, 2019) to ensure sufficient liquidity to operate during the compliance period.