BroadVision Receives Letter from NASDAQ
April 07 2016 - 5:20PM
BroadVision, Inc. (the “Company”) (NASDAQ:BVSN), a leading provider
of e-business and engagement management solutions, today announced
that, on April 4, 2016, it received a written notice from the
Listing Qualifications department of the Nasdaq Stock Market
("Nasdaq") indicating that the Company is no longer in compliance
with Nasdaq Listing Rule 5250(c)(1) (the "Rule") for continued
listing because it had not yet filed its 10-K for the period ended
December 31, 2015 (the “2015 10-K”).
As previously disclosed in the Company’s Notification of Late
Filing on Form 12b-25, filed with the Securities and Exchange
Commission on March 31, 2016, the Company has delayed the filing of
its 2015 10-K pending completion of a review of information it had
recently uncovered regarding potential irregularities relating to a
cash account at one of its European subsidiaries. The Company and
its accounting firm are in the process of collecting and
reviewing this information and will then determine whether any
changes need to be made to the Company’s results of operations.
The Nasdaq letter provides that the Company has until June 3,
2016 to submit a plan to regain compliance. The Company expects to
complete its review process and file its 2015 10-K in advance of
the due date for the compliance plan. If the Company is
unable to file its 2015 10-K by June 3, 2016, it intends to submit
a compliance plan on or prior to that date. If Nasdaq accepts the
Company’s plan, it can grant an exception of up to 180 calendar
days from the filing’s due date, or until September 26, 2016, to
regain compliance. If Nasdaq does not accept the Company’s plan,
the Company will have the opportunity to appeal that decision to a
Nasdaq Hearings Panel.
About BroadVision
Driving innovation since 1993, BroadVision (NASDAQ:BVSN)
provides e-business solutions that enable the enterprise and its
employees, partners, and customers to stay actively engaged,
socially connected, and universally organized to achieve greater
business results. BroadVision® solutions—including Vmoso for
virtual, mobile, and social business collaboration, and Clearvale
for enterprise social networking—are available globally in the
cloud via the Web and mobile applications. Visit
www.BroadVision.com for more details.
BroadVision, Business Agility Suite, Commerce Agility Suite,
QuickSilver, and Clearvale are trademarks or registered trademarks
of BroadVision, Inc. in the United States and other countries. All
other company names, product names, and marks are the property of
their respective owners.
Information Concerning Forward-Looking Statements
Except for statements of historical fact, statements in this
release are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, including statements regarding the estimated timing for
the filing of the Company’s 2015 10-K, the Company’s plans for
regaining compliance with the Nasdaq Listing Rules and submitting a
plan of compliance within the prescribed period if necessary,
whether or not Nasdaq will accept the plan of compliance and the
extension time, if any, granted by Nasdaq for the filing of the
2015 10-K. All forward-looking statements included in this release
are based upon information available to BroadVision as of the date
of this release, and BroadVision assumes no obligation to update or
correct any such forward-looking statements. These statements are
not guarantees of future performance and actual results could
differ materially from BroadVision’s current expectations as a
result of certain risk and uncertainties, including, without
limitation: the Company’s, or its independent registered
public accounting firm’s, inability to complete the work required
to file its 2015 10-K in the timeframe that is
anticipated or due to unanticipated changes being required in its
reported operating results and the timing and outcome of any Nasdaq
decision regarding any plan of compliance or extension, as well as
other risks detailed in the Company’s filings with the Securities
and Exchange Commission, including under the heading “Risk Factors”
in the Company’s Quarterly Report on Form 10-Q for the
quarterly period ended September 30, 2015, filed with the
Securities and Exchange Commission on November 16, 2015.
Media Contact:
Ty Levine
650-331-1000
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