NI Holdings Inc 2024年度报告

(701) 298-4200Registrant’s telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.܆YesNo܈ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.܆YesNo܈ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.܈YesNo܆ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files).܈Yes No܆ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerginggrowth company” in Rule 12b-2 of the Exchange Act. Accelerated filer_Smaller reporting company†Emerging growth company† Large accelerated filerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.܆ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report._ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.܆ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).܆ Based on the closing sales price of the common stock on the Nasdaq on June 30, 2024, the last business day of the Registrant’s second fiscal quarter,the aggregate market value of the voting stock held by non-affiliates of the Registrant was approximately $119 million. All executive officers anddirectors of the Registrant, and all shareholders holding more than 10% of the Registrant’s outstanding voting stock (other than institutionalinvestors, such as registered investment companies, eligible to file beneficial ownership reports on Schedule 13G), have been deemed, solely for thepurpose of the foregoing calculation, to be “affiliates” of the Registrant. The number of the Registrant’s common shares outstanding on February 28, 2025 was 20,681,546. No preferred shares are issued or outstanding. Documents incorporated by ReferencePortions of the definitive proxy statement relating to the annual meeting of shareholders to be held May 20, 2025 are incorporated by reference into Part III of this report. TABLE OF CONTENTS Page FORWARD-LOOKING STATEMENTS ................................................................................................................................................. 1PART I....................................................................................................................................................................................................... 2Item 1.Business......................................................................................................................................................................... 2Item 1A.Risk Factors................................................................................................................................................................. 15Item 1B.Unresolved Staff Comments ....................................................................................................................................... 22Item 1C.Cybersecurity .............................................................................................................................................................. 23Item 2.Properties..................................................................................................................................................................... 23Item 3.Legal Proceedings ............................