Synchronoss Technologies Receives Nasdaq Letter
December 06 2017 - 4:30PM
Business Wire
Nasdaq Extends Stay of Delisting Pending
Hearing Scheduled in Late January 2018
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 a letter from the Hearings Department of The Nasdaq Stock
Market (“Nasdaq”) granting the Company’s request to extend the stay
of suspension pending a hearing before the Nasdaq Hearings Panel
(the “Panel”), in late January 2018, and issuance of a final Panel
decision.
As previously disclosed, at the hearing in late January 2018,
the Company will present its plan to regain compliance with the
Nasdaq Listing Rules 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 Securities and Exchange
Commission. Under the Nasdaq Listing Rules, the Panel may, in its
discretion, determine to continue the Company’s listing for a
maximum of 180 days from the date of the Nasdaq delisting notice,
which was issued on November 15, 2017. 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.
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 Company’s plan to regain
compliance with Nasdaq’s Listing Rules. 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; our debt
and related obligations, including interest payments, covenants and
restrictions; disruptions to the implementation of our strategic
priorities and business plan caused by changes in our senior
management team; litigation and disputes and the costs related
thereto; 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 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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