On June 7, 2017, FalconStor Software, Inc. (the “Company”) received additional written notification from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that the Company’s continued non-compliance with the minimum $35 million market value of listed securities requirement set forth in Nasdaq Listing Rule 5550(b) as of June 6, 2017, could serve as an additional basis for the delisting of the Company’s securities from The Nasdaq Capital Market.
As previously reported by the Company in its Current Report on Form 8-K dated May 30, 2017, the Company has already requested a hearing before the Nasdaq Hearings Panel, at which hearing the Company will present its plan to evidence compliance with both the $1.00 bid price and $35 million market value of listed securities requirement (or one of its alternatives), and request an extension of time within which to do so. The Company’s request for a hearing has stayed any delisting action by the Staff at least pending the ultimate conclusion of the hearing process.
The Company is diligently working to evidence compliance with all applicable requirements for continued listing on The Nasdaq Capital Market; however, there can be no assurance that the Panel will grant the Company’s request for continued listing on Nasdaq or an extension or that the Company will be able to regain compliance with the applicable listing criteria within the period of time that may be granted by the Panel.
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.
