Filing Analysis
Atlantic American Corporation received a notice from Nasdaq for non-compliance with listing rules due to failure to file delinquent periodic reports. The company is currently working toward an October 12, 2026, deadline to regain compliance.
🚩 Red Flags
- Multiple delinquent SEC filings (10-K and two 10-Qs) indicating significant internal control or administrative issues.
- Imminent deadline (Sept 4, 2026) to submit an updated compliance plan to Nasdaq.
- Risk of delisting if the October 12, 2026, deadline is not met.
📋 Key Facts
- Received Nasdaq notice on August 20, 2026, regarding failure to file required periodic reports.
- Delinquent reports include: Annual Report (Form 10-K) for year ended Dec 31, 2025; Quarterly Report (Form 10-Q) for quarter ended March 31, 2026; and Quarterly Report (Form 10-Q) for quarter ended June 30, 2026.
- Nasdaq granted an extension until October 12, 2026, to regain compliance.
- The company must submit an updated compliance plan regarding the Form 10-Q by September 4, 2026.
- The notice has no immediate effect on the current listing on the Nasdaq Global Market.
Atlantic American Corporation entered into a Third Amendment to its Revolving Credit Agreement with Truist Bank. The amendment provides a short-term extension for the company to deliver overdue audited and interim financial statements.
🚩 Red Flags
- Significant delay in financial reporting: The company has failed to deliver audited FY 2025 statements and interim 2026 reports as originally required.
- Potential breach of covenant/default risk: The need for a third amendment suggests the company is struggling to meet its reporting obligations, which often precedes technical defaults or liquidity issues.
- Reporting delinquency: Failure to file timely financial statements is a major red flag for micro-cap companies and can lead to Nasdaq delisting notices.
📋 Key Facts
- Entered into Third Amendment to Revolving Credit Agreement on July 31, 2026.
- Lender is Truist Bank.
- The amendment extends the deadline to October 12, 2026, for delivering audited consolidated financial statements for FY ended Dec 31, 2025.
- The amendment also covers interim financial statements for Q1 and Q2 of 2026 (ended March 31 and June 30, 2026).
- Requires delivery of related compliance certificates regarding financial covenants.
Atlantic American Corporation has received an extension from Nasdaq to regain compliance with listing rules regarding timely periodic filings. The company must file its delinquent 2025 Form 10-K and Q1 2026 Form 10-Q by October 12, 2026, to avoid delisting.
🚩 Red Flags
- Delinquent financial reporting (Form 10-K and Form 10-Q).
- Imminent threat of delisting from a major exchange (Nasdaq).
- History of multiple notices (April 17, 2026, and May 21, 2026) regarding non-compliance.
📋 Key Facts
- Company is non-compliant with Nasdaq Listing Rule 5250(c)(1) due to failure to file delinquent reports.
- Delinquent reports include Form 10-K for the year ended December 31, 2025, and Form 10-Q for the quarter ended March 31, 2026.
- Nasdaq granted a compliance plan extension until October 12, 2026.
- Failure to meet the deadline will result in Nasdaq notifying the company of delisting from the Nasdaq Global Market.
Atlantic American Corporation entered into a second amendment to its Revolving Credit Agreement with Truist Bank on May 27, 2026. The amendment grants the company an extension until July 31, 2026, to deliver its 2025 audited annual financial statements and Q1 2026 interim financial statements.
🚩 Red Flags
- Delayed financial reporting: The company is unable to provide audited 2025 year-end financials and Q1 2026 reports by the original credit agreement deadlines
- Potential covenant breach: The need for an amendment suggests the company was at risk of defaulting on reporting covenants
📋 Key Facts
- Agreement date: May 27, 2026
- Lender: Truist Bank
- Extension deadline: July 31, 2026
- Required deliverables: Audited consolidated financial statements for year ended Dec 31, 2025, and interim statements for quarter ended March 31, 2026
- Includes compliance certificates regarding financial covenants
Atlantic American Corporation (AAME) received a Nasdaq non-compliance notice on May 21, 2026 for failing to timely file both its Annual Report on Form 10-K for the year ended December 31, 2025, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, in violation of Nasdaq Listing Rule 5250(c)(1). The Company has until June 16, 2026 to submit a compliance plan to Nasdaq, with a potential extension to October 12, 2026 if the plan is accepted. Failure to comply or gain acceptance of its plan could ultimately result in delisting from The Nasdaq Global Market.
🚩 Red Flags
- Delinquent in filing BOTH the 2025 Annual Report (Form 10-K) and Q1 2026 Quarterly Report (Form 10-Q) simultaneously — a significant escalation indicating potential operational or financial reporting problems
- Inability to file periodic reports raises serious questions about the integrity of financial controls, auditor availability, or unresolved accounting issues
- Hard deadline of June 16, 2026 to submit a compliance plan — failure to do so triggers formal delisting proceedings
- Maximum extension to October 12, 2026 is contingent on Nasdaq accepting the compliance plan, which is not guaranteed
- No explanation provided in the filing for why the reports are delayed, increasing uncertainty for investors
- Pattern of delinquency (two consecutive reporting periods missed) suggests systemic rather than one-time issue
📋 Key Facts
- Notice received from Nasdaq on May 21, 2026 citing non-compliance with Listing Rule 5250(c)(1)
- Delinquent filings: Form 10-K for fiscal year ended December 31, 2025 AND Form 10-Q for quarter ended March 31, 2026 — two outstanding filings
- Deadline to submit a compliance plan to Nasdaq: June 16, 2026
- If plan accepted, Nasdaq may grant up to 180 calendar days from the prescribed 10-K due date, extending the deadline to approximately October 12, 2026
- If plan is rejected, the Company has the right to appeal to a Nasdaq Hearings Panel
- Notice has no immediate effect on listing status of AAME common stock on The Nasdaq Global Market
- Filing signed by J. Ross Franklin, VP, CFO and Secretary, dated May 22, 2026
- Company is incorporated in Georgia and trades on The Nasdaq Global Market under ticker AAME
J. Ross Franklin resigned as Vice President, Chief Financial Officer, and Secretary of Atlantic American Corporation, effective May 27, 2026. The company has initiated a search for a successor and stated there were no disagreements regarding operations or policies.
🚩 Red Flags
- Departure of the Chief Financial Officer, a critical executive role for financial reporting and oversight.
📋 Key Facts
- J. Ross Franklin notified the company of his resignation on April 29, 2026.
- The resignation is effective as of May 27, 2026.
- Franklin held three key roles: VP, CFO, and Secretary.
- The company stated the resignation was not due to any disagreement on operations, policies, or practices.
- A search for a new CFO has commenced.
Atlantic American Corporation received a notice from Nasdaq on April 17, 2026, for non-compliance with Listing Rule 5250(c)(1) due to its failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The company has 60 days to submit a plan to regain compliance and may receive an extension of up to 180 days if the plan is accepted.
🚩 Red Flags
- Failure to file required annual periodic financial reports (Form 10-K).
- Receipt of a Nasdaq delisting/non-compliance notice.
📋 Key Facts
- Notice received from Nasdaq on April 17, 2026.
- Non-compliance relates to the delinquent Form 10-K for the year ended December 31, 2025.
- The company has 60 calendar days to submit a plan to regain compliance.
- Potential for a 180-day extension from the original due date if Nasdaq accepts the compliance plan.
- The notice currently has no immediate effect on the listing of AAME common stock on The Nasdaq Global Market.
Atlantic American Corporation filed an 8-K to announce its third quarter results for the period ended September 30, 2025. The filing serves as a formal notice that earnings information is being furnished via a press release.
📋 Key Facts
- Reporting date: November 14, 2025
- Period covered: Third Quarter ended September 30, 2025
- The filing includes Exhibit 99.1, which is the official press release containing the results of operations and financial condition.
Atlantic American Corporation filed an 8-K to report its results of operations for the second quarter ended June 30, 2025. The filing serves as a formal announcement of quarterly financial performance via an attached press release.
📋 Key Facts
- Reporting period: Second Quarter ended June 30, 2025.
- Filing date: August 12, 2025.
- The company furnished a press release (Exhibit 99.1) containing the results of operations and financial condition.
Atlantic American Corporation held its Annual Meeting of Shareholders on May 13, 2025. The filing reports the results of shareholder votes regarding director elections, auditor ratification, and executive compensation.
📋 Key Facts
- Annual Meeting held on May 13, 2025.
- Six directors were elected: Hilton H. Howell, Jr., Robin R. Howell, Mark E. Preisinger, Joseph M. Scheerer, Scott G. Thompson, and D. Keehln Wheeler.
- Shareholders ratified the appointment of Forvis Mazars, LLP as independent auditors for fiscal year ending Dec 31, 2025.
- The advisory vote on executive compensation frequency resulted in a decision to hold such votes every three years.
Atlantic American Corporation filed an 8-K to report its results of operations for the first quarter ended March 31, 2025. The filing serves as a formal announcement of quarterly financial performance via an attached press release.
📋 Key Facts
- Reporting period: First quarter ended March 31, 2025.
- Filing date: May 13, 2025.
- The filing includes a press release (Exhibit 99.1) detailing results of operations and financial condition.
Atlantic American Corporation filed an 8-K to report its results of operations for the fourth quarter and full fiscal year ended December 31, 2024. The filing serves as a formal announcement of quarterly financial performance.
📋 Key Facts
- Reporting period: Fourth quarter and year ended December 31, 2024.
- Filing date: March 25, 2025.
- The company furnished a press release (Exhibit 99.1) containing the detailed financial results.
Atlantic American Corporation entered into a Second Amendment to its Lease Agreement with 4370 Peachtree LLC, resulting in a significant rent increase. The landlord is controlled by the company's controlling shareholder and former director.
🚩 Red Flags
- Related-party transaction: The lease is with a company controlled by the controlling shareholder (Harriett J. Robinson).
- Potential conflict of interest: The CEO (Hilton H. Howell, Jr.) is the son-in-law of the landlord/controlling shareholder.
- Significant increase in operating expense: Rent per square foot increased by 26% effective immediately.
📋 Key Facts
- Lease agreement amendment dated December 26, 2024.
- Base rent increased from $9.50 per sq. ft. to $12.00 per sq. ft. (a ~26% increase).
- New rent rate effective January 1, 2025.
- The landlord, 4370 Peachtree LLC, is controlled by Harriett J. Robinson, the Company's controlling shareholder.
Atlantic American Corporation filed an 8-K to report its results of operations for the third quarter ended September 30, 2024. The filing serves as a formal announcement of quarterly financial performance via an attached press release.
📋 Key Facts
- Reporting period: Third Quarter ended September 30, 2024.
- Filing date: November 12, 2024.
- The filing includes a press release (Exhibit 99.1) detailing financial results.
Atlantic American Corporation filed an 8-K to report its results of operations for the second quarter ended June 30, 2024. The filing serves as a formal announcement of quarterly earnings via an attached press release.
📋 Key Facts
- Reporting period: Second Quarter ended June 30, 2024.
- Filing date: August 14, 2024.
- The filing includes Exhibit 99.1 containing the official press release of results.
Atlantic American Corporation filed an 8-K to report its results of operations for the first quarter ended March 31, 2024. The filing serves as a formal announcement of quarterly financial performance via an attached press release.
📋 Key Facts
- Reporting period: First quarter ended March 31, 2024.
- Filing date: May 14, 2024.
- The filing includes a press release as Exhibit 99.1 regarding results of operations and financial condition.
Atlantic American Corporation held its Annual Meeting of Shareholders on May 6, 2024. The filing reports the election of six directors and the ratification of FORVIS, LLP as the independent auditor for fiscal year 2024.
📋 Key Facts
- Annual Meeting of Shareholders held on May 6, 2024.
- Six directors were elected: Hilton H. Howell, Jr., Robin R. Howell, Mark E. Preisinger, Joseph M. Scheerer, Scott G. Thompson, and D. Keehln Wheeler.
- FORVIS, LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2024 with 18,114,443 votes in favor.
Atlantic American Corporation filed an 8-K to report its financial results for the fourth quarter and full fiscal year ended December 31, 2023. The filing serves as a formal announcement of quarterly earnings via an attached press release.
📋 Key Facts
- Reporting period: Fourth quarter and year ended December 31, 2023.
- Filing date: April 1, 2024.
- The filing includes a press release (Exhibit 99.1) detailing results of operations and financial condition.
Atlantic American Corporation entered into a First Amendment to its Revolving Credit Agreement with Truist Bank. The amendment extends the facility's maturity date and updates interest rate terms.
🚩 Red Flags
- Introduction of a specific minimum consolidated net worth requirement ($64.2M) creates a restrictive financial covenant that could trigger default if the company's equity position declines.
📋 Key Facts
- Entered into an Amendment to the Revolving Credit Agreement on March 22, 2024.
- Lender is Truist Bank.
- Maturity date extended to March 22, 2027.
- Interest rate updated to Adjusted Term SOFR plus 2.00% on unpaid principal balances.
- New covenant requires maintaining a consolidated net worth of at least $64.2 million.