No immediate effect on Nasdaq listing or trading of the
Company's ordinary shares
TEL
AVIV, Israel, June 14,
2022 /PRNewswire/ -- SuperCom (NASDAQ:
SPCB), a global provider of secure solutions for the
e-Government, IoT, and Cybersecurity sectors announced that it has
it received a notification letter from Nasdaq that the Company has
been granted an additional 180-day compliance period, or until
December 12, 2022 to regain
compliance with Nasdaq's minimum bid price rule.
Nasdaq's determination is based on the Company meeting the
continued listing requirement for market value of publicly held
shares and all other applicable requirements for initial listing on
the Capital Market with the exception of the bid price requirement,
and the Company's written notice of its intention to cure the
deficiency during the second compliance period and if necessary, by
effecting a reverse stock split.
Previously, in a notification letter dated December 13, 2021, Nasdaq had notified the
Company that, based on the previous 30 consecutive business days,
the Company's listed security no longer met the minimum
$1 bid price per share requirement.
Therefore, in accordance with Nasdaq's Listing Rules, the Company
was provided 180 calendar days, or until June 13, 2022, to regain compliance.
If at any time before December 12,
2022, the closing bid price of the Company's security is at
least $1 per share for a minimum of
10 consecutive business days, the Company will regain compliance
with this Nasdaq rule and this matter will be closed.
This current notification from Nasdaq has no immediate effect on
the listing or trading of the Company's ordinary shares, which will
continue to trade on the Nasdaq Capital Market under the symbol
"SPCB".
The Company will actively monitor the closing bid price of its
ordinary shares between now and December 12,
2022 and intends to consider all available options to
resolve the deficiency and regain compliance within the additional
compliance period provided.
About SuperCom
Since 1988, SuperCom has been a global provider of traditional
and digital identity solutions, providing advanced safety,
identification and security solutions to governments and
organizations, both private and public, throughout the world.
Through its proprietary e-Government platforms and innovative
solutions for traditional and biometrics enrollment,
personalization, issuance and border control services, SuperCom has
inspired governments and national agencies to design and issue
secure Multi-ID documents and robust digital identity solutions to
its citizens and visitors. SuperCom offers a unique all-in-one
field-proven RFID & mobile technology and product suite,
accompanied by advanced complementary services for various
industries including healthcare and homecare, security and safety,
community public safety, law enforcement, electronic monitoring,
livestock monitoring, and building and access automation.
SuperCom's website is http://www.supercom.com
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Statements preceded or followed by or that otherwise
include the words "believes", "expects", "anticipates", "intends",
"projects", "estimates", "plans", and similar expressions or
future or conditional verbs such as "will", "should", "would",
"may" and "could" are generally forward-looking in nature
and not historical or current facts. These forward-looking
statements are subject to risks and uncertainties that could cause
our actual results to differ materially from the statements
made. Examples of these statements include, but are not
limited to, statements regarding business and economic trends, the
anticipated effects of the COVID-19 outbreak on travel and physical
locations, the levels of consumer, business and economic
confidence generally, the duration of the COVID-19 outbreak and
severity of such outbreak, the pace of recovery following the
COVID-19 outbreak, the effect on our supply chain, our ability to
implement cost containment and business recovery
strategies and resulting anticipated impact of such outbreak
on our business, financial condition and results of
operations, the adverse effects of the COVID-19 outbreak on
our business or the market price of our ordinary shares, and other
risks and uncertainties described in the forward looking
statements and in the section captioned "Risk Factors" in our
Annual Report on Form 20-F for the year ended December 31, 2021, filed with the U.S.
Securities and Exchange Commission (the "SEC") on April 4, 2022, our reports on Form 6-K filed from
time to time with the SEC and our other filings with the SEC.
Except as required by law, we not undertake any obligation to
update or revise these forward-looking statements, whether as a
result of new information, future events or otherwise, after the
date of this press release.
SuperCom Investor Relations:
ir@supercom.com
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SOURCE SuperCom Ltd