Xura Receives Notice from Nasdaq
June 17 2016 - 5:10PM
Xura, Inc. (“Xura”) (NASDAQ:MESG) received a notification letter
from The Nasdaq Stock Market on June 15, 2016 that it is not in
compliance with Nasdaq Listing Rule 5250(c)(1) because the company
did not timely file its Quarterly Report on Form 10-Q for the
fiscal quarter ended April 30, 2016 (“Form 10-Q”) with the
Securities and Exchange Commission.
As previously reported, the company was unable to
complete and file the Form 10-Q timely due to delays resulting from
the late filing of its Annual Report on Form 10-K for the fiscal
year ended January 31, 2016. The company’s management and its
financial reporting, accounting and tax personnel were also engaged
in ongoing negotiations for the sale of the company at a purchase
price of $25 per share. As previously disclosed, on May 23, 2016,
the company entered into an Agreement and Plan of Merger with
affiliates of Siris Capital Group, LLC. The company is working
diligently to complete the work necessary to file the Form 10-Q and
intends to file such report as soon as practicable.
The Nasdaq letter provides that the company has
until August 14, 2016 to submit a plan to regain compliance.
The company is working diligently to complete the work necessary to
file the Form 10-Q 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 statements
regarding the company’s expectation in respect of the timing of the
filing its Form 10-Q. 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. By their very nature,
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 materially
from those anticipated, expressed or implied by forward-looking
statements. 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. In this filing, risks
relating to the forward-looking statements include (among other
factors), the complexity of the preparation of our financial
statements in light of several recently completed transactions, as
well as the acquisition-related, financial accounting and other
risks set forth in the "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, 2016, or in other
subsequently filed periodic, current or other reports. The company
undertakes no commitment to update or revise any forward-looking
statements except as required by law. The risks and uncertainties
discussed above, as well as others, are discussed in greater detail
in our filings with the SEC. The documents and reports the company
files with the SEC are available through the company, or its
website, www.Xura.com, or through the SEC's Electronic Data
Gathering, Analysis, and Retrieval system (EDGAR) at
www.sec.gov.
CONTACT: Todd, Luke - Xura, Inc.
(781) 213-2131
Luke.Todd@Xura.com
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