SYNCHRONOSS TECHNOLOGIES,INC. (NASDAQ:SNCR) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Ruleor Standard; Transfer of Listing.
Common Stock to be Suspended from Trading on Nasdaq
As previously reported, Synchronoss Technologies,Inc. (the “Company”) is not in compliance with Nasdaq Listing Rule5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “SEC”). On February6, 2018, the Nasdaq Hearings Panel (the “Panel”) granted the Company’s request for continued listing of its common stock on The Nasdaq Stock Market (“Nasdaq”) until May10, 2018, subject to certain conditions. One of the Panel’s conditions for continued listing required the Company to become current in its filings with the SEC by May10, 2018. The Panel decision also required the Company to inform the Panel in the event that events occur that call into question the Company’s ability to meet the May10, 2018 deadline. On May4, 2018, the Company informed the Panel of its determination that it would be unable to satisfy the May10, 2018 deadline.
As expected, on May11, 2018 the Company received a notification letter from the Panel indicating that trading in the Company’s common stock will be suspended effective at the open of business on May14, 2018. The letter also notified the Company that the Panel has determined to delist the Company’s shares from Nasdaq after applicable appeal periods have lapsed. The Company plans to appeal the decision to the Nasdaq Listing and Hearing Review Council. During the appeal period, trading in the Company’s common stock on Nasdaq will remain suspended and Nasdaq will not effect a delisting of the Company’s common stock. Once the Company has regained compliance with its SEC reporting obligations, the Company intends to request the Panel to lift the suspension and allow the Company’s common stock to recommence trading on Nasdaq. As previously disclosed, the Company anticipates regaining compliance with its SEC reporting obligations no later than June30, 2018.
While the Company’s common stock is suspended from trading on Nasdaq, the Company’s shares will be quoted on the OTC Markets under the trading symbol SNCR. For quotes or additional information on the OTC Markets, you may visit http://www.otcmarkets.com.
Certain statements either contained in or incorporated by reference into this report, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “believes,” “potential” or “continue” or other similar expressions are intended to identify forward-looking statements. Synchronoss has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, risks and uncertainties relating to the ultimate timing and results of the Company’s restatement of its financial statements, its ability to regain compliance with its SEC reporting obligations and other factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form10-K for the year ended December31, 2016, which is on file with the SEC and available on the SEC’s website at www.sec.gov. Additional factors may be described in those sections of the Company’s Annual Report on Form10-K for the year ended December31, 2017 and Quarterly Reports on Form10-Q for the quarters ended March31, 2017, June30, 2017, September30, 2017 and March31, 2018, to be filed with the SEC as soon as practicable. The Company does not undertake any obligation to update any forward-looking statements contained in this report as a result of new information, future events or otherwise.