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 September 21, 2017, FalconStor Software, Inc. (the “Company”) received notice from the Nasdaq Hearings Panel (the “Panel”) of the Panel’s decision to delist the Company’s shares from listing on The Nasdaq Capital Market. Suspension of trading in the shares will be effective at the open of business on September 25, 2017. The Nasdaq Stock Market will complete the delisting by filing a Form 25 Notification of Delisting with the Securities and Exchange Commission after applicable appeal periods have lapsed. Following suspension of trading of the Company’s common stock on The Nasdaq Capital Market, the Company’s shares will be quoted on the OTC Markets’ OTCQB.
As previously disclosed, the Company was before the Panel on June 29, 2017, after the Nasdaq Staff notified the Company that it was not in compliance with the minimum bid price and the minimum market value of listed securities under the Nasdaq Listing Rules. The Panel issued a decision on July 19, 2017 continuing the Company’s listing, provided the Company met certain milestones. On September 19, 2017, the Company informed the Panel that it would be unable to regain compliance as required by the decision.
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.