On November 22, 2016, FalconStor Software, Inc. (the “Company”) received a written notification (the “Notice Letter”) from The NASDAQ Stock Market LLC (“NASDAQ”) indicating that the Company is not in compliance with NASDAQ Listing Rule 5550(a)(2), as the Company’s closing bid price for its common stock was below the $1.00 per share requirement for the last 30 consecutive business days. This notice has no immediate effect on the Company’s listing on the Nasdaq Capital Market or the trading of its common stock other than an indicator being displayed with quotation information related to the Company’s securities.
The Notice Letter states that the Company will have 180 calendar days, until May 22, 2017 (the “Initial Compliance Period”), to regain compliance with the minimum bid price requirement. In accordance with NASDAQ Listing Rule 5810(c)(3)(A), the Company can regain compliance if the closing bid price of its common stock is at least $1.00 for a minimum of 10 consecutive business days.
If the Company does not achieve compliance with the minimum bid price requirement by the end of the Initial Compliance Period, it may be granted a second 180 day compliance period, as long as (a) on the last day of the Initial Compliance Period the Company is in compliance with the market value requirement for continued listing as well as all other listing standards, except for the minimum bid price requirement, and (b) the Company provides written notice of its intention to cure the deficiency during the second compliance period.
If the Company were not to regain compliance within the allotted compliance period(s), including any extensions that may be granted by NASDAQ, NASDAQ would then provide notice that the Company’s common stock would be subject to delisting. The Company intends to monitor the closing bid price of its common stock between now and May 22, 2017 and will consider available options to resolve the Company’s noncompliance with the minimum bid price requirement as may be necessary.
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.
FALCONSTOR SOFTWARE, INC. (NASDAQ:FALC) Recent Trading Information FALCONSTOR SOFTWARE, INC. (NASDAQ:FALC) closed its last trading session down -0.035 at 0.555 with 36,341 shares trading hands.
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