CYREN LTD. (NASDAQ:CYRN) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On April 24, 2020, Cyren Ltd. (the “Company”), received written notice (the “Notice”) from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) informing the Company that because the closing bid price for the Company’s ordinary shares listed on the Nasdaq Capital Market was below $1.00 per share for 30 consecutive business days prior to the date of the Notice, the Company does not currently meet the minimum closing bid requirement for continued listing on the Nasdaq Capital Market set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules.
This notification has no immediate effect on the listing of the Company’s ordinary shares on the Nasdaq Capital Market and the Company’s ordinary shares continue to trade on The Nasdaq Capital Market under the symbol “CYRN.”
Under Nasdaq Listing Rules, the Company usually has 180 calendar days from the date of the notification to regain compliance with Nasdaq Listing Rules. However, given the recent unprecedented turmoil in U.S. and world financial markets, on April 16, 2020, Nasdaq filed an immediately effective rule change with the Securities and Exchange Commission resulting in the compliance periods for various price-based continued listing requirements being tolled through June 30, 2020. As a result, the Company has until December 28, 2020 to regain compliance, which is 180 calendar days from July 1, 2020.
To regain compliance, the closing bid price of the Company’s ordinary shares on the Nasdaq Capital Market must be at least $1.00 per share for a minimum of ten consecutive business days prior to the expiration of the tolled compliance period on December 28, 2020. The Company’s ordinary shares will continue to trade on the Nasdaq Capital Market under the symbol “CYRN” during this period. If the Company does not regain compliance by December 28, 2020, the Company may be eligible for a second 180 day compliance period, provided that, on such date, the Company meets the continued listing requirement for market value of publicly held shares and all other applicable initial listing requirements for the Nasdaq Capital Market (other than the minimum closing bid price requirement) and the Company provides written notice to Nasdaq of its intention to cure the deficiency and plans for curing the deficiency during the second compliance period.
The Company plans to monitor the closing bid price for its ordinary shares between now and December 28, 2020, and intends to take all reasonable measures available to regain compliance under the Nasdaq Listing Rules and to maintain the listing of its ordinary shares on the Nasdaq Capital Market.
About CYREN LTD. (NASDAQ:CYRN)
CYREN Ltd. (CYREN) is engaged in developing and marketing information security solutions for protecting Web, e-mail and mobile transactions. The Company is a Security-as-a-Service provider of integrated cloud-based security technology solutions that mitigate cyber threats, malware attacks, information leaks, legal liability and productivity loss through the application of cyber intelligence. It delivers security services to a range of customers and original equipment manufacturer, and service provider distribution partners, including network and security vendors offering content security gateways, unified threat management solutions and antivirus solutions, and to service providers, such as Software-as-a-Service vendors, Web hosting providers and Internet service providers. Its technologies include CYREN GlobalView Cloud and Recurrent Pattern Detection. Its offerings include CYREN WebSecurity (CWS), CYREN EmailSecurity, Cyber Intelligence Suite and Embedded Solutions.
