Xura Receives Notice from Nasdaq
May 11 2016 - 4:00PM
Xura, Inc. (“Xura”) (NASDAQ:MESG) received a notification letter
from The Nasdaq Stock Market on May 5, 2016 that it is not in
compliance with Nasdaq Listing Rule 5250(c)(1) because the company
did not timely file its Annual Report on Form 10-K for the fiscal
year ended January 31, 2016 (“Form 10-K”) with the Securities and
Exchange Commission.
As previously reported, the company was unable
to complete and file the Form 10-K timely due to delays resulting
from the company’s ongoing review of accounting matters relating to
income taxes and evaluation of the implications on its
controls. The company’s management and the company’s
financial reporting, accounting and tax personnel are also engaged
in ongoing exclusive negotiations for the potential sale of the
company at a purchase price of $25 per share. As of the date
hereof, the company has not entered into any agreement in principle
or any other definitive agreement to sell the company and there can
be no assurance that such negotiations will ultimately result in a
transaction.
The Nasdaq letter provides that the company has
until July 5, 2016 to submit a plan to regain compliance. The
company is working diligently to complete the work necessary to
file the Form 10-K and intends to file such report as soon as
practicable.
About Xura, Inc.
Xura offers a portfolio of digital services
solutions that enable global communications across a variety of
mobile devices and platforms. We help communication service
providers (“CSPs”) and enterprises navigate and monetize the
digital ecosystem to create innovative, new experiences through our
cloud-based offerings. Our solutions touch more than three billion
end points, through 350+ service providers and enterprises in 140+
countries. You can find us at www.Xura.com.
Forward-Looking Statements
This press release includes “forward-looking
statements.” Forward-looking statements include the potential entry
into a transaction for the sale of the Company, the potential price
per share, the timing of filing the company’s Annual Report on Form
10-K for the fiscal year ended January 31, 2016, statements about
expected synergies relating to recent transactions, statements of
plans and objectives for future operations, and assumptions
relating thereto. In some cases, forward-looking statements can be
identified by the use of terminology such as “may,” “expects,”
“plans,” “anticipates,” “estimates,” “believes,” “potential,”
“projects,” “forecasts,” “intends,” or the negative thereof or
other comparable terminology.
Although the company is in exclusive
negotiations for the potential sale of the company, as of the date
of this press release, the company has not entered into any
agreement in principle or any other agreement and there can be no
assurance that such negotiations will ultimately result in a
transaction.
Our forward-looking statements involve known and
unknown risks, uncertainties and other important factors that could
cause actual results, performance and the timing of events to
differ from those anticipated, expressed or implied by the
forward-looking statements in this press release. Such risks or
uncertainties may give rise to claims or regulatory issues,
increase exposure to contingent liabilities and cause pressure on
the company's stock price. Many of these risks and uncertainties
are described in the sections entitled “Forward-Looking Statements”
and Item 1A, “Risk Factors” and elsewhere in the company's Annual
Report on Form 10-K for the fiscal year ended January 31, 2015, its
Quarterly Reports on Form 10-Q for the quarters ended October 31,
2015, July 31, 2015 and April 30, 2015, or may be disclosed in
other subsequently filed periodic, current or other reports. We
undertake no commitment to update or revise any forward-looking
statements except as required by law.
The documents and reports we file with the SEC
are available through us, or our website, www.Xura.com, or
through the SEC's Electronic Data Gathering, Analysis, and
Retrieval system (EDGAR) at www.sec.gov.
CONTACT:
Luke Todd - Xura, Inc.
(781) 213-2131
Luke.Todd@Xura.com
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