Synchronoss Requires Additional Time to Comply with Nasdaq Listing Requirements
May 09 2018 - 4:05PM
Business Wire
Synchronoss Technologies, Inc. (NASDAQ: SNCR), a global leader
and innovator in cloud, messaging, digital, and IoT products and
platforms, today announced that it does not expect to regain
compliance with the continued listing requirements set by the
Nasdaq Hearings Panel prior to May 10, 2018.
Synchronoss continues to work diligently to complete the
restatement and regain compliance with its SEC reporting
obligations as soon as practicable. Although the Company believes
its auditors are in the final stages of completing their audit,
there remain some matters that have taken longer to finalize than
initially anticipated.
On the March 28 business update call Synchronoss provided
comments on certain items related to the restatement process. These
have not changed. The company continues to anticipate that none of
these items will have an impact on the company’s cash position.
These are preliminary positions and are subject to change as the
company’s external auditors continue to evaluate and audit the
company’s current positions.
“We are disappointed in our inability to meet the May 10
deadline for regaining compliance with Nasdaq listing
requirements,” says Glenn Lurie, President and CEO, Synchronoss.
“However, we have made tremendous progress and expect that the
audit will be completed no later than June 30, 2018. I also want to
thank Ernst & Young for the efforts it is making toward
completing the task at hand.”
“Our underlying business is solid and sound,” added Lurie. “We
have a strong financial profile with ample liquidity. At the end of
the first quarter we had approximately $300 million in cash.
Further, as evidenced by our recent announcement that we have
entered into an agreement to acquire honeybee Digital Solutions, we
are aggressively executing our strategy of putting in place the
right people, product portfolio and customer base for long-term
profitable growth. This acquisition materially enhances our digital
platform and illustrates our commitment to investment in supporting
customers in a Digital First world. Progress against our strategy
is also evidenced through our Verizon renewal, involvement in
AT&T’s Smart Cities Alliance and our partnership with Sprint’s
B2B division. We believe we are strategically well-positioned, and
look forward to regaining compliance with our SEC reporting
obligations so we can focus our efforts on executing our growth
strategy.”
Conference Call Information
In conjunction with this announcement, Synchronoss will host a
conference call today, Wednesday, May 9, 2018, at 5:00 p.m. (ET).
To access this call, dial 877-407-9208 (domestic) or 201-493-6784
(international). Additionally, a live web cast of the conference
call will be available on the “Investor Relations” page on the
company’s web site www.synchronoss.com.
Following the conference call, a replay will be available for a
limited time at 844-512-2921 (domestic) or 412-317-6671
(international). The replay pass code is 13679998. An archived web
cast of this conference call will also be available on the
“Investor Relations” page of the company’s web site,
www.synchronoss.com.
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