Sify receives NASDAQ Staff Deficiency letter
April 24 2020 - 5:06PM
Sify Technologies Limited (NASDAQ: SIFY), headquartered in Chennai,
India, received a letter from the Listing Qualifications Department
of the Nasdaq Stock Market (“Nasdaq”) indicating that, based upon
the closing bid price of the Company’s common stock for the last 30
consecutive business days, the Company did not meet the minimum bid
price of $1.00 per share required for continued listing on The
Nasdaq Capital Market pursuant to Nasdaq Listing Rule
5550(a)(2).
The letter also indicated that the Company will be provided with
a compliance period of 180 calendar days in which to regain
compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A).
Given the extraordinary market conditions, Nasdaq has determined
to toll the compliance periods for the bid price and market value
of publicly held shares requirements (collectively, the
“Price-based Requirements”) through June 30, 2020. In that regard,
on April 16, 2020, Nasdaq filed an immediately effective rule
change with the Securities and Exchange Commission. As a result,
the compliance periods for the Price-based Requirements will be
reinstated on July 1, 2020. Accordingly, the Company has
until December 28, 2020 to regain compliance with the bid price
requirement.
The letter further provided that if, at any time during this
tolling period or the 180-day period, the closing bid price of the
Company’s common stock is at least $1.00 for a minimum of ten
consecutive business days, Nasdaq will provide the Company with
written confirmation that it has achieved compliance with the
minimum bid price requirement.
About Sify Technologies
Sify Technologies is India’s most comprehensive ICT service
& solution provider. With Cloud at the core of our solutions
portfolio, Sify is focused on the changing ICT requirements of the
emerging Digital economy and the resultant demands from large, mid
and small-sized businesses. Sify’s infrastructure
comprising the largest MPLS network, top-of-the-line DCs,
partnership with global technology majors, vast expertise in
business transformation solutions modelled on the cloud make it the
first choice of start-ups, incoming Enterprises and even large
Enterprises on the verge of a revamp, More than 10000
businesses across multiple verticals have taken advantage of our
unassailable trinity of Data Centers, Networks and Security
services and conduct their business seamlessly from more than 1600
cities in India. Internationally, Sify has presence across North
America, the United Kingdom and Singapore.
Sify, www.sify.com, Sify Technologies and
www.sifytechnologies.com are registered trademarks of Sify
Technologies Limited
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The forward-looking statements contained herein are
subject to risks and uncertainties that could cause actual results
to differ materially from those reflected in the forward-looking
statements. Sify undertakes no duty to update any forward-looking
statements.
For a discussion of the risks associated with Sify’s business,
please see the discussion under the caption “Risk Factors” in the
company’s Annual Report on Form 20-F for the year ended March 31,
2019, which has been filed with the United States Securities and
Exchange Commission and is available by accessing the database
maintained by the SEC at www.sec.gov, and Sify’s other reports
filed with the SEC.
For further information, please contact:
Praveen Krishna
Sify Technologies Limited
+91 44 22540777 (ext.2055)
praveen.krishna@sifycorp.com
Nikhila Kesavan
20:20 Media
+91 9840124036
nikhila.kesavan@2020msl.com
Shiwei Yin
Grayling Investor Relations
+1-646-284-9474
Shiwei.Yin@grayling.com
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