Letter has no effect on current Nasdaq listing and trading on
Nasdaq Capital Market
TEL
AVIV, Israel, Sept. 18,
2023 /PRNewswire/ -- SuperCom (NASDAQ:
SPCB), a global provider of secured solutions for the
e-Government, IoT and Cybersecurity sectors, received a letter
from Nasdaq, indicating that the Company was not in compliance
with Nasdaq Listing Rule 5550(a)(2), as the Company's closing bid
price for its common stock was below $1.00 per share for
the 30 consecutive business days prior to the Notice,
between August 1, 2023 and September 11, 2023.
SuperCom expects to regain compliance with the minimum bid price
requirement within the upcoming 180 days compliance period.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has
been granted a 180-calendar day compliance period, or until March
11, 2024, to regain compliance with the minimum bid price
requirement. SuperCom expects to regain compliance with the minimum
bid price requirement within the compliance period.
The Company's Shares will continue to be listed and traded on
the Nasdaq Stock Market during the 180 days compliance
period. To regain compliance, the closing bid price of the
Company's common stock must meet or exceed $1.00 per share for at least 10 consecutive
business days during the 180-calendar day compliance period.
In the event the Company does not regain
compliance by March 11, 2024, the Company may be eligible
a second 180-calendar day compliance period. To qualify, the
Company will be required to meet the continued listing requirement
for market value of publicly held shares and all other initial
listing standards for The Nasdaq Capital Market, with the exception
of the bid price requirement, and will need to provide written
notice of its intention to cure the deficiency during the second
compliance period, by effecting a reverse stock split, if
necessary.
About SuperCom
Since 1988, SuperCom has been a global provider of traditional
and digital identity solutions, providing advanced safety,
identification and security solutions to governments and
organizations, both private and public, throughout the world.
Through its proprietary e-Government platforms and innovative
solutions for traditional and biometrics enrollment,
personalization, issuance and border control services, SuperCom has
inspired governments and national agencies to design and issue
secure Multi-ID documents and robust digital identity solutions to
its citizens and visitors. SuperCom offers a unique all-in-one
field-proven RFID & mobile technology and product suite,
accompanied by advanced complementary services for various
industries including healthcare and homecare, security and safety,
community public safety, law enforcement, electronic monitoring,
livestock monitoring, and building and access automation.
SuperCom's website: http://www.supercom.com
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Statements preceded or followed by or that
otherwise include the words "believes", "expects", "anticipates",
"intends", "projects", "estimates", "plans", and similar
expressions or future or conditional verbs such as "will",
"should", "would", "may" and "could" are generally forward-looking
in nature and not historical or current facts. Examples of these
statements include, but are not limited to, statements regarding
business and economic trends, the anticipated impact of the
COVID-19 outbreak on travel and physical locations and the
anticipated impact of such outbreak on our business and results of
operations. These forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ
materially from the statements made. These risks and uncertainties
include, but are not limited to, the effects of the COVID-19
outbreak, including levels of consumer, business and economic
confidence generally, the duration of the COVID-19 outbreak and
severity of such outbreak, the pace of recovery following the
COVID-19 outbreak, the effect on our supply chain, our ability to
implement cost containment and business recovery strategies; and
the adverse effects of the COVID-19 outbreak on our business or the
market price of our ordinary shares, risks and uncertainties
described under the heading "Forward Looking Statements" in any
report and the risk factors described in our Annual Report on Form
20-F for the year ended December 31,
2018 and our subsequent filings with the U.S. Securities and
Exchange Commission and reports on Form 6-K are uncertain. Except
as required by law, we do not undertake any obligation to update or
revise these forward-looking statements, whether as a result of new
information, future events or otherwise, after the date of this
press release.
SuperCom Investor Relations:
ir@supercom.com
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SOURCE SuperCom