Synchronoss Technologies, Inc. Receives NASDAQ Letter
August 22 2017 - 4:45PM
Business Wire
Synchronoss Technologies, Inc. (NASDAQ:SNCR), the leader in
mobile cloud innovation for mobile carriers, enterprises, retailers
and OEMs around the world, today announced that it has received an
anticipated letter from the Listing Qualifications Department of
The NASDAQ Stock Market (“Nasdaq”) notifying the Company of its
noncompliance with Nasdaq Listing Rule 5250(c)(1) because the
Company has not yet filed its Quarterly Report on Form 10-Q for the
quarter ended June 30, 2017.
Nasdaq previously granted the Company an exception from its
continued listing requirements until November 13, 2017 to file all
delinquent periodic reports, including its delinquent Quarterly
Report on Form 10-Q for the period ended March 31, 2017. In
connection with its delinquency in filing its Quarterly Report on
Form 10-Q for the period ended June 30, 2017, Nasdaq has requested
an update to the Company’s original plan to regain compliance with
Nasdaq’s continued listing requirements.
The Company intends to regain compliance with Nasdaq’s filing
requirements, and will file its delinquent periodic reports as soon
as practicable.
The notification of noncompliance has no immediate effect on the
listing or trading of Synchronoss’ common stock on the Nasdaq
Global Select Market under the symbol “SNCR”.
About Synchronoss Technologies, Inc.
Synchronoss (NASDAQ: SNCR) is an innovative software company
that helps both service providers and enterprises realize and
execute their goals for mobile transformation now. Our simple,
powerful and flexible solutions serve millions of mobile
subscribers and a large portion of the Fortune 500 worldwide today.
For more information, visit us at www.synchronoss.com.
Forward-looking Statements
This press release contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements include, but are not
limited to, plans, objectives, expectations and intentions and
other statements contained in this press release that are not
historical facts and statements identified by words such as
“expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,”
“estimates,” “outlook” or words of similar meanings. These
statements are based on our current expectations and beliefs and
various assumptions. There can be no assurance that we will realize
these expectations or that these beliefs will prove correct.
Examples of forward-looking statements include, but are not limited
to, statements we make regarding the timing of the filing of the
Company’s Quarterly Report on Form 10-Q for the periods ended March
31, 2017 and June 30, 2017. Numerous factors, many of which are
beyond our control, could cause actual results to differ materially
from those expressed as forward-looking statements. These factors
include, but are not limited to, risks associated with fluctuations
in our financial and operating results; integration of our
Intralinks business and execution of our cost reduction plan; our
substantial level of debt and related obligations, including
interest payments, covenants and restrictions; uncertainty
regarding increased business and renewals from existing customers;
the dependence of our Intralinks business on the volume of
financial and strategic business transactions; disruptions to the
implementation of our strategic priorities and business plan caused
by changes in our senior management team; customer renewal rates
and attrition; customer concentration; our ability to maintain the
security and integrity of our systems; foreign currency exchange
rates; the financial and other impact of previous and future
acquisitions; competition in the enterprise and mobile solutions
markets; our ability to retain and motivate employees;
technological developments; litigation and disputes and the costs
related thereto; unanticipated changes in our effective tax rate;
uncertainties surrounding domestic and global economic conditions;
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
Form 10-K for the year ended December 31, 2016, which is on file
with the Securities and Exchange Commission (the “SEC”) and
available on the SEC’s website at www.sec.gov. The Company does not
undertake any obligation to update any forward-looking statements
contained in this press release as a result of new information,
future events or otherwise.
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Investors and Media:Synchronoss Technologies, Inc.Daniel
Ives, +1 908-524-1047daniel.ives@synchronoss.com