FALCONSTOR SOFTWARE, INC. (NASDAQ:FALC) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01.
On July 19, 2017, FalconStor Software, Inc. (the “Company”) received notice from the Nasdaq Hearings Panel (the “Panel”) of the Panel’s decision to grant the Company’s request for continued listing on The Nasdaq Stock Market, subject to the Company’s compliance with certain interim milestones and, ultimately, on or before November 20, 2017, the Company’s satisfaction of the minimum $1.00 bid price and $2.5 million stockholders’ equity requirements for continued listing on The Nasdaq Capital Market. The Company is diligently working to timely satisfy the terms of the Panel’s decision; however, there can be no assurance that it will be able to do so.
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On July 13, 2017, the Board of Directors (the “Board”) of the Company appointed Todd Oseth, the Company’s Chief Executive Officer, to the Board, effective immediately, to serve in the class of directors whose term expires at the 2019 Annual Meeting of Stockholders.
About FALCONSTOR SOFTWARE, INC. (NASDAQ:FALC)
FalconStor Software, Inc. is a Software-Defined Storage (SDS) company offering a converged data services software platform. The Company’s platform FreeStor, allows information technology (IT) organizations minimize and eliminate that complexity with the delivery of migration, continuity, protection, recovery and optimization for any storage environment through a management interface for a price based on managed capacity across arrays, servers, hypervisors, data centers, and the cloud. The Company’s Intelligent Abstraction core provides a scalable storage hypervisor, coupled with a data services engine and automation. The Company’s Business Continuity and Disaster Recovery products include network storage server (NSS) and continuous data protector (CDP). Its Optimized Backup and Deduplication (OBD) products merge its virtual tape library (VTL) and file-interface deduplication system (FDS) solutions.
