Company: MHLA
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001412100-25-000043
Chunk: 62

Company: Maiden Holdings, Ltd.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 1
Chunk 62
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 addition to the distribution of $4,335 received on May 2, 2025, the Company presently estimates it could receive up to $13,580 in additional distributions from the USQ transaction. The Company currently estimates that the net present value of these potential distributions is approximately $14,188.NASDAQ Listing QualificationsOn April 2, 2025, the Company received a letter from the listing qualifications department staff of Nasdaq that Maiden's common shares failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing Rules of Nasdaq. Since then, Nasdaq has determined that for the last 12 consecutive business days, from April 21, 2025 to May 7, 2025, the closing bid price of the Company’s common shares has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2), and this matter is now closed.Combination with Kestrel - Regulatory Approval UpdateOn May 6, 2025, Maiden Reinsurance received approval from the Vermont DFR for the change of control related to the Combination Agreement with Kestrel along with approval for the extraordinary dividend required to complete the transaction. Other Maiden entities are still waiting for approvals regarding the change in control. As part of the approval granted by the Vermont DFR, Maiden Reinsurance will no longer be permitted to include the intercompany loan receivable from Maiden Holdings (and related accrued interest) as an admitted asset for statutory capital and reporting purposes. As a result, this will reduce Maiden Reinsurance's ratio of risk-based capital to total adjusted capital, which remains sufficient to support both the dividends related to the Combination Agreement with Kestrel and recurring annual dividends, and which require approval by the Vermont DFR. In addition, Maiden Reinsurance has agreed to not purchase any additional affiliated securities of the Company and its subsidiaries.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited Condensed Consolidated Financial Statements and related notes included elsewhere in this Quarterly Report on Form 10-Q (this "Form 10-Q" or this "Report"). References in this Form 10-Q to the terms "we", "us", "our", "the Company", "Maiden" or other similar terms mean the consolidated operations of Maiden