Watford intends to delist and withdraw registration of its cumulative redeemable preference shares (Nasdaq: WTREP) following the merger

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HAMILTON, Bermuda, July 02, 2021 (GLOBE NEWSWIRE) – HAMILTON, Bermuda, July 2, 2021 (GLOBE NEWSWIRE) – Watford Holdings Ltd. (“Watford”) (NASDAQ: WTRE) July 2, 2021, Watford Holdings Ltd. notified the Nasdaq Stock Market that the Company intended to voluntarily cease listing of its cumulative redeemable preferred shares (Nasdaq: WTREP) (the “Preferred Shares”) from the Nasdaq Global Select Market (“Nasdaq”) in accordance with requirements of Rule 12d2-2 (c) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Preferred shares are currently held by less than 300 people. In addition, the preferred shares were initially listed as secondary listing and, following the merger of Watford Holdings Ltd. and delisting of the common shares of Watford Holdings Ltd., the preferred shares will not meet the Nasdaq listing requirement that a primary listing has no fewer than 400 shareholders.

As a result, Watford Holdings Ltd. intends to file with the Securities and Exchange Commission a Form 25 to remove the preferred shares from listing on the Nasdaq and cancel the registration of the preferred shares in accordance with section 12 (b) of the Exchange Act, as well a certification on Form 15 under the Exchange Act to request the delisting of preferred shares under section 12 (g) of the Exchange Act and the suspension of the Company’s reporting obligations under sections 13 and 15 (d) of the Exchange Act with respect to preferred shares.

About Watford Holdings Ltd.

Watford Holdings Ltd. is a global property and casualty insurance and reinsurance company with approximately $ 1.2 billion in capital as at March 31, 2021, comprised of: $ 172.8 million senior bonds, $ 52.4 million conditionally redeemable preferred stock and $ 977.0 million in common stock, with operations in Bermuda, the United States and Europe. Its operating subsidiaries have received financial strength ratings of “A-” (Excellent) from AM Best and “A” from Kroll Bond Rating Agency. On May 1, 2020, AM Best announced that it had placed the financial strength ratings of Watford’s operating subsidiaries under review with negative implications. On April 6, 2021, the Kroll Bond rating agency maintained Watch Developing status on the “A” insurance financial strength ratings of Watford’s operating subsidiaries as well as the “BBB +” credit rating of Watford Holdings Ltd, in awaiting regulatory approval of the agreement and plan. of the merger which was approved by the shareholders of Watford on March 30, 2021 and was completed on July 1, 2021. Following the merger, Watford Holdings Ltd. became a wholly owned subsidiary of Greysbridge Holdings Ltd.

Caution Regarding Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 (the “PSLRA”) provides a “safe harbor” for forward-looking statements. This press release contains forward-looking statements. Forward-looking statements, for purposes of the PSSRA or otherwise, can generally be identified by the words “believes”, “expects”, “intention”, “plans”, “estimates” or similar expressions which indicate future events. These statements are based on current assumptions that involve risks and uncertainties that could cause results to differ materially from actual results, including: uncertainties regarding the timing of delisting of preferred shares; market conditions; and other risks set out in the Company’s annual report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”), and in the Company’s other periodic reports filed with the SEC. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Watford disclaims any obligation to update these forward-looking statements as a result of new information, future events or circumstances or other factors.

Contacts

Laurence Richardson (Investor contact): [email protected]

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