Synchronoss Common Stock to be Suspended from Trading on Nasdaq
May 14 2018 - 08:00AM
Business Wire
Synchronoss Technologies, Inc. (NASDAQ: SNCR), a global leader
and innovator in cloud, messaging, digital, and IoT products and
platforms, today announced that, as expected, Synchronoss received
a notification letter from the Nasdaq Hearings Panel on May 11,
2018, indicating that trading in Synchronoss’ common stock will be
suspended effective at the open of business on May 14, 2018.
Synchronoss previously announced that it did not expect to
regain compliance with the continued Nasdaq listing requirements
prior to May 10, 2018, the deadline previously set by the Panel.
Synchronoss continues to work diligently to complete the
restatement of its financial statements and regain compliance with
its Securities and Exchange Commission (SEC) reporting obligations,
which it expects to occur no later than June 30, 2018. Although
Synchronoss believes its auditors are in the final stages of
completing their audit, some matters have taken longer to finalize
than initially anticipated.
The notification letter also stated that the Panel has
determined to delist Synchronoss shares from Nasdaq after
applicable appeal periods have lapsed. Synchronoss plans to appeal
the decision to the Nasdaq Listing and Hearing Review Council.
During the appeal period, trading in Synchronoss common stock on
Nasdaq will remain suspended, and Nasdaq will not affect a
delisting. While Synchronoss’ common stock is suspended from
trading on Nasdaq, its shares will be quoted on the OTC Markets
under the trading symbol SNCR.
Once Synchronoss has regained compliance with its SEC reporting
obligations, it intends to request the Panel lift the suspension
and allow the company’s common stock to recommence trading on
Nasdaq.
“We are focused on completing the necessary actions to meet the
reporting requirements during the suspension period,” said Glenn
Lurie, President and CEO, Synchronoss. “We expect to be compliant
no later than June 30, 2018. In the meantime, we will continue to
execute our strategy of putting in place the right people, product
portfolio and customer base for long-term profitable growth.”
About SynchronossSynchronoss transforms the way companies
create new revenue, reduce costs and delight their subscribers with
cloud, messaging, and digital products and platforms supporting
hundreds of millions of subscribers across the globe. Synchronoss’
secure, scalable and groundbreaking new technologies, trusted
partnerships and talented people change the way TMT customers grow
their businesses. For more information, visit us at
www.synchronoss.com.
Forward-looking StatementsThis press release includes
statements concerning Synchronoss and its future expectations,
plans and prospects that constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. For this purpose, any statements contained herein that are
not statements of historical fact may be deemed to be
forward-looking statements. Without limiting the foregoing, the
words “may,” “should,” “expects,” “plans,” “anticipates,” “could,”
“intends,” “believes,” “potential” or “continue” or other similar
expressions are intended to identify forward-looking statements.
Synchronoss has based these forward-looking statements largely on
its current expectations and projections about future events and
financial trends that it believes may affect its business,
financial condition and results of operations. These
forward-looking statements speak only as of the date of this press
release and are subject to a number of risks, uncertainties and
assumptions including, without limitation, risks and uncertainties
relating to the ultimate timing and results of the Company’s
restatement of its financial statements, its ability to regain
compliance with its SEC reporting obligations and other factors
that are described in the “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” sections of the Company’s Annual Report on Form 10-K
for the year ended December 31, 2016, which is on file with the SEC
and available on the SEC’s website at www.sec.gov. Additional
factors may be described in those sections of the Company’s
Quarterly Reports on Form 10-Q for the quarters ended March 31,
2017, June 30, 2017, September 30, 2017 and March 31, 2018, to be
filed with the SEC as soon as practicable. The Company does not
undertake any obligation to update any forward-looking statements
contained in this press release as a result of new information,
future events or otherwise.
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For Synchronoss Technologies, Inc.Brian Denyeau, +1
646-277-1251investor@synchronoss.com