By Josh Beckerman
Unico American shares fell 32% after hours, to 78 cents, as its only operating unit, Crusader Insurance, was placed into conservation in California, and Unico’s stock will be delisted from Nasdaq.
Last week, Unico said California’s insurance commissioner moved to place Crusader into conservation.
Nasdaq determined that Unico no longer has an operating business and notified the company that it would suspend trading June 15. Unico said Thursday that it won’t appeal Nasdaq’s determination. Shares may be immediately eligible to be quoted on the OTC Pink Market or Expert Market after being removed from Nasdaq.
Write to Josh Beckerman at josh.beckerman@wsj.com
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