MCLEAN, VA / ACCESSWIRE / October 6, 2021 / Today, Cyren (NASDAQ:CYRN), a provider of email security and threat intelligence solutions, announced that the Company received written notification from the Listing Qualification Department of The NASDAQ Capital Market ("Nasdaq") granting the Company's request for a 180-day extension to regain compliance with Nasdaq's minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the "Rule"). The Company now has until April 4, 2022 to meet the requirement.
Nasdaq's extension notice has no immediate effect on the continued listing status of the Company's Ordinary Shares on the Nasdaq Capital Market. Therefore, the Ordinary Shares remain listed on the Nasdaq Capital Market.
If at any time until April 4, 2022, the bid price of the Company's Ordinary Shares closes at or above $1.00 per share for a minimum of 10 consecutive trading days, the Company will regain compliance with the Rule, and the matter will be closed.
The Company will continue to monitor the bid price for its Ordinary Shares and consider various options available to it if its Ordinary Shares do not trade at a level that is likely to regain compliance. These options include effecting a reverse stock split. There can be no assurance that the Company will regain compliance with the Rule or maintain compliance with any of the other Nasdaq continued listing requirements.
If the Company does not meet the minimum bid requirement during the additional 180-day extension, Nasdaq will provide written notification to the Company that its Ordinary Shares will be subject to delisting. At such time, the Company may appeal the delisting determination to a Nasdaq Hearings Panel. The Company would remain listed pending the Panel's decision. There can be no assurance that if the Company does appeal a subsequent delisting determination, that such appeal would be successful.
For more information, please review the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 6, 2021.
SOURCE: Cyren Ltd
10/06/2021 EQS Newswire / EQS Group AG