SEALSQ Receives Nasdaq Notification Letter Regarding Minimum Bid Price Deficiency
August 07 2024 - 9:13AM
SEALSQ Corp (NASDAQ: LAES) ("SEALSQ" or "Company"), a company that
focuses on developing and selling Semiconductors, PKI and
Post-Quantum technology hardware and software products, today
announced that on August 1, 2024, it received a notice (the
“Notice”) from The Nasdaq Stock Market, LLC (“Nasdaq”), stating
that the Company’s ordinary shares, par value US$0.01 per ordinary
share (the “Ordinary Shares”), fail to comply with the $1.00
minimum bid price requirement for continued listing on Nasdaq in
accordance with Nasdaq Listing Rule 5550(a)(2) based upon the
closing bid price of the Company’s Ordinary Shares for the last 30
consecutive business days prior to the date of the Notice.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A),
the Company has been provided an initial compliance period of 180
calendar days, or until January 28, 2025, to regain compliance with
the minimum bid price requirement. To regain compliance, the
closing bid price of the Ordinary Shares must be at least $1.00 for
at least 10 consecutive business days prior to January 28, 2025. If
that occurs, Nasdaq would then provide a written confirmation of
compliance and the matter will be closed.
If the Company is unable to regain compliance by
January 28, 2025, the Company may be eligible for an additional 180
calendar day compliance period to demonstrate compliance with the
minimum bid price requirement. To qualify, the Company will be
required to meet the continued listing requirement for market value
of publicly held shares and all other initial listing standards for
The Nasdaq Capital Market, with the exception of the minimum bid
price requirement, and will need to provide written notice to
Nasdaq of its intention to cure the deficiency during the second
compliance period, by effecting a reverse stock split, if
necessary. If the Company does not qualify for the second
compliance period or fails to regain compliance during the second
180 calendar day period, then Nasdaq will notify the Company that
its Ordinary Shares will be subject to delisting, at which point
the Company would have an opportunity to appeal the delisting
determination to a Hearings Panel.
The Company intends to monitor the closing bid
price of the Ordinary Shares and consider its available options to
resolve the noncompliance with the minimum bid price requirement.
Receipt of the Notice has no effect on the Company’s business
operations.
About SEALSQ
SEALSQ focuses on selling integrated solutions based on
Semiconductors, PKI and Provisioning services, while developing
Post-Quantum technology hardware and software products. Our
solutions can be used in a variety of applications, from
Multi-Factor Authentication tokens, Smart Energy, Smart Home
Appliances, Medical and Healthcare and IT Network Infrastructure,
to Automotive, Industrial Automation and Control Systems.
Post-Quantum Cryptography (PQC) refers to cryptographic methods
that are secure against an attack by a quantum computer. As quantum
computers become more powerful, they may be able to break many of
the cryptographic methods that are currently used to protect
sensitive information, such as RSA and Elliptic Curve Cryptography
(ECC). PQC aims to develop new cryptographic methods that are
secure against quantum attacks. For more information, please visit
www.sealsq.com.
Forward-Looking StatementsThis
communication expressly or implicitly contains certain
forward-looking statements concerning SEALSQ Corp and its
businesses. Forward-looking statements include statements regarding
our business strategy, financial performance, results of
operations, market data, events or developments that we expect or
anticipates will occur in the future, as well as any other
statements which are not historical facts. Although we believe that
the expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates which are inherently subject to significant uncertainties
and contingencies, many of which are beyond our control. Actual
results may differ materially from those expressed or implied by
such forward-looking statements. Important factors that, in our
view, could cause actual results to differ materially from those
discussed in the forward-looking statements include the expected
success of our technology strategy and solutions for IoMT Security
for Medical and Healthcare sectors, SEALSQ's ability to implement
its growth strategies, SEALSQ's ability to continue beneficial
transactions with material parties, including a limited number of
significant customers; market demand and semiconductor industry
conditions; and the risks discussed in SEALSQ's filings with the
SEC. Risks and uncertainties are further described in reports filed
by SEALSQ with the SEC.
SEALSQ Corp is providing this communication as
of this date and does not undertake to update any forward-looking
statements contained herein as a result of new information, future
events or otherwise.
Press and Investor Contacts
SEALSQ Corp.Carlos
MoreiraChairman & CEOTel: +41 22 594 3000info@sealsq.com |
SEALSQ Investor Relations (US)The
Equity Group Inc.Lena CatiTel: +1 212 836-9611 /
lcati@equityny.comKatie MurphyTel: +212 836-9612 /
kmurphy@equityny.com |
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