Safe-T Group Ltd. (Nasdaq: SFET) (TASE: SFET), (“Safe-T” or “the
Company”), a global provider of cybersecurity and privacy solutions
to consumers and enterprises, announced today that it has it
received a notification letter from Nasdaq Stock Market LLC that
the Company has been granted an additional 180-day compliance
period, or until January 9, 2023 to regain compliance
with Nasdaq’s minimum bid price rule.
Nasdaq’s determination is based on the Company
meeting the continued listing requirement for market value of
publicly held shares and all other applicable requirements for
initial listing on the Capital Market, with the exception of the
bid price requirement, and the Company’s written notice of its
intention to cure the deficiency during the second compliance
period and if necessary, by effecting a reverse stock split (or
change to its American Depositary Shares (“ADSs”) ratio, as
applicable).
In a notification letter dated January 12,
2022, Nasdaq had informed the Company that, based on the previous
30 consecutive business days, the Company’s ADSs no longer met the
minimum $1 bid price per share requirement. Therefore, in
accordance with Nasdaq’s Listing Rules, the Company was provided
180 calendar days, or until July 11, 2022, to regain
compliance.
If at any time before January 9, 2023, the
closing bid price of the Company’s ADSs is at
least $1.00 per share for a minimum of 10 consecutive
business days, the Company will regain compliance with this Nasdaq
rule and this matter will be closed.
This current notification from Nasdaq has no
immediate effect on the listing or trading of the Company’s ADSs,
which will continue to trade on the Nasdaq Capital Market under the
symbol “SFET”.
The Company intends to monitor the closing bid
price of its ADSs between now and January 9, 2023, and intends to
consider available options to cure the deficiency and regain
compliance with the minimum bid price requirement within the second
compliance period. The Company’s ADSs will continue to be listed
and trade on the Nasdaq Capital Market during this period,
unaffected by the receipt of the written notice from Nasdaq.
This announcement is made in compliance with
Nasdaq Listing Rule 5810(b), which requires prompt disclosure of
receipt of a deficiency notification.
About Safe-T Group Ltd.Safe-T
Group Ltd. (Nasdaq, TASE: SFET) is a global provider of
cyber-security and privacy solutions to consumers and enterprises.
The Company operates in three distinct segments, tailoring
solutions according to specific needs. The segments include,
enterprise cyber-security solutions, enterprise privacy solutions,
and consumer cyber-security and privacy solutions.
Our cyber-security and privacy solutions for
consumers provide a wide security blanket against ransomware,
viruses, phishing, and other online threats, as well as a powerful,
secured and encrypted connection, masking their online activity and
keeping them safe from hackers. The solutions are designed for both
advanced and basic users, ensuring full protection for all personal
and digital information.
Our cyber-security solutions for enterprises,
designed for cloud, on-premises and hybrid networks, mitigates
attacks on enterprises’ business-critical services and sensitive
data, while ensuring uninterrupted business continuity.
Organizational data access, storage and exchange use cases, from
outside the organization or within, are secured according to the
“validate first, access later” philosophy of Safe-T’s zero trust.
Our ZoneZero® solutions are available by our reseller, TerraZone
Ltd., a global information security provider, as a solution or
cloud service.
Our privacy solutions for enterprises are based
on our advanced and secured proxy network, the world’s fastest,
enabling our customers to collect data anonymously at any scale
from any public sources over the web using a unique hybrid network.
Our network is the only one of its kind that is comprised of
millions of residential exit points based on our proprietary
reflection technology and hundreds of servers located at our ISP
partners around the world. The infrastructure is optimally designed
to guarantee the privacy, quality, stability, and the speed of the
service.
For more information about Safe-T, visit
www.safetgroup.com
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995 and other Federal securities laws.
Words such as “expects,” “anticipates,” “intends,” “plans,”
“believes,” “seeks,” “estimates” and similar expressions or
variations of such words are intended to identify forward-looking
statements. For example, Safe-T is using forward-looking statements
in this press release when it discusses regaining compliance with
Nasdaq’s continued listing requirements, and the timing and effect
thereof as well as potentially effecting a reverse stock split or
change of ADS ratio. Because such statements deal with future
events and are based on Safe-T’s current expectations, they are
subject to various risks and uncertainties and actual results,
performance or achievements of Safe-T could differ materially from
those described in or implied by the statements in this press
release. The forward-looking statements contained or implied in
this press release are subject to other risks and uncertainties,
including those discussed under the heading “Risk Factors” in
Safe-T’s annual report on Form 20-F filed with the Securities and
Exchange Commission (“SEC”) on March 29, 2022, and in any
subsequent filings with the SEC. Except as otherwise required by
law, Safe-T undertakes no obligation to publicly release any
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. References and links to websites have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press release.
Safe-T is not responsible for the contents of third-party
websites.
INVESTOR RELATIONS
CONTACTS:
Steve Gersten, Director of Investor Relations Safe-T Group
Ltd.813-334-9745investors@safe-t.com
Michal EfratyInvestor Relations,
Israel+972-(0)52-3044404michal@efraty.com
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