Synchronoss Technologies Receives Anticipated Nasdaq Letter; Intends to Request Hearing
November 20 2017 - 4:30PM
Business Wire
Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”)
(NASDAQ: SNCR), a global leader and innovator of cloud, messaging
and digital transformation products, today announced that it has
received an anticipated letter from the Listing Qualifications
Department of The Nasdaq Stock Market (“Nasdaq”) stating that,
unless the Company requests a hearing before the Nasdaq Hearings
Panel (the “Panel”) by November 22, 2017, the Company’s common
stock is subject to suspension and delisting procedures based upon
its inability to maintain compliance with Nasdaq’s filing
requirement, as set forth in Listing Rule 5250(c)(1) (the
“Rule”).
Nasdaq’s staff determination letter was issued in accordance
with standard Nasdaq procedures due to the delayed filing of the
Company’s Forms 10-Q for the quarters ended March 31, June 30 and
September 30, 2017 with the Securities and Exchange Commission (the
“SEC”).
Synchronoss intends to timely request a hearing before the
Panel. A hearing request will automatically stay the suspension and
delisting of the Company’s common stock for a period of 15 days.
The stay may be extended at the option of the Panel upon the
Company’s request. Concurrent with the hearing request, the Company
intends to ask the Panel for an extension pending the issuance of
the Panel’s decision following the hearing.
At the hearing, the Company will present its plan to regain
compliance with the Rule and will request the continued listing of
its common stock on Nasdaq while it works to become current in its
periodic public filings with the SEC. Under the Nasdaq Listing
Rules, the Panel may, in its discretion, determine to continue the
Company’s listing pursuant to an exception for a maximum of 180
calendar days from the date of the Nasdaq delisting notice. There
can be no assurance that the Panel will grant the Company’s
request.
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.
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