Patriot National gets an extension

Insurance company listed on NYSE through March 15

FORT LAUDERDALE — Troubled Patriot National Inc., a Fort Lauderdale-based insurance services company, saw its stock price increase sharply after announcing that it will remain listed on the New York Stock Exchange through March 15.

Two weeks earlier, the company disclosed that suspension and delisting procedures had been initiated by the exchange because its global market capitalization had fallen below $50 million over 30 consecutive trading days while its last reported stockholders’ equity was less than $50 million.

In a news release late Monday, the company said it received an extension for continued listing and trading of its common stock on the exchange.

The extension by the NYSE, subject to ongoing reassessment, gives Patriot National until March 15 to file three reports with the Securities and Exchange Commission: its 2016 annual report, and quarterly reports for the three months ending March 31 and the six months ending June 30, the release said.

“The company continues to work diligently to become current with is SEC filings as required under applicable securities laws,” the release said.

After the announcement on Monday, Patriot National’s stock price gained 16.4 percent to close at $1.42 as it traded at nearly seven times its normal volume. The stock was adding to its gains on Tuesday, increasing another 7 percent to $1.52.

Still, the stock has a long way to climb before regaining its $18.94 peak, achieved just seven months after going public in January 2015.

Formed in 2013, Patriot National provides technology and outsourcing solutions to insurance companies, including general agency services, specialty underwriting and policyholder services, claims administration services and self-funded health plans.

It is an affiliate of workers compensation provider Guarantee Insurance Co., which in August was placed on administrative suspension by state insurance regulators after an independent audit found it overstated its level of capitalization in its 2016 financial statements.

Guarantee is Patriot’s largest customer, and both companies were founded by Steven Mariano,