TEL AVIV, Israel, Oct. 23, 2020 /PRNewswire/
-- SuperCom (NASDAQ:
SPCB), global provider of Multi-Identity, IoT,
Connectivity, and Cyber Security solutions for the Public and
Private Sectors, received a letter from Nasdaq, indicating that the
Company was not in compliance with Nasdaq Listing Rule 5550(a)(2),
as the Company's closing bid price for its common stock was
below $1.00 per share for the 30 consecutive business
days prior to the Notice, between September 3,
2020 and October 16, 2020.
SuperCom expects to regain compliance with the minimum bid price
requirement within the upcoming 180 days compliance period.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has
been granted a 180-calendar day compliance period, or until April
19, 2021, to regain compliance with the minimum bid price
requirement. SuperCom expects to regain compliance with the minimum
bid price requirement within the compliance period.
The Company's Shares will continue to be listed and traded on
the Nasdaq Stock Market during the 180 days compliance
period. To regain compliance, the closing bid price of the
Company's common stock must meet or exceed $1.00 per share for at least 10 consecutive
business days during the 180-calendar day compliance period.
In the event the Company does not regain
compliance by April 13, 2021, the Company may be eligible
a second 180-calendar day compliance period. 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 bid price requirement, and will need to provide written
notice of its intention to cure the deficiency during the second
compliance period, by effecting a reverse stock split, if
necessary.
If the Company chooses to implement a reverse stock split, it
must complete the split no later than ten business days prior to
the expiration of the compliance period.
About SuperCom
Since 1988, SuperCom has been a leading global provider of
traditional and digital identity solutions, providing advanced
safety, identification and security solutions to governments and
organizations, both private and public, throughout the world.
Through its proprietary e-Government platforms and innovative
solutions for traditional and biometrics enrollment,
personalization, issuance and border control services, SuperCom has
inspired governments and national agencies to design and issue
secured Multi-ID documents and robust digital identity solutions to
its citizens and visitors. SuperCom offers advanced, secure mobile
payments ranging from mobile wallet to mobile POS, using a set of
components and platforms to enable secure mobile payments and
financial services. SuperCom is a global provider of a unique
all-in-one field-proven RFID and mobile PureSecurity advanced
solutions suite, accompanied by advanced complementary services for
various industries, including healthcare and homecare, security and
safety, community public safety, law enforcement, electronic
monitoring, livestock monitoring, and building and access
automation.
SuperCom's website: http://www.supercom.com
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. Statements preceded or followed by or that otherwise
include the words "believes", "expects", "anticipates", "intends",
"projects", "estimates", "plans", and similar expressions or future
or conditional verbs such as "will", "should", "would", "may" and
"could" are generally forward-looking in nature and not historical
facts. Forward-looking statements in this release also include
statements about business and economic trends. Investors should
also consider the areas of risk described under the heading
"Forward Looking Statements" and those factors captioned as "Risk
Factors" in the Company's periodic reports under the Securities
Exchange Act of 1934, as amended, or in connection with any
forward-looking statements that may be made by the Company. These
statements are subject to known and unknown risks, uncertainties
and other factors that may cause actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements arising from the annual audit by
management and the Company's independent auditors. The Company
undertakes no obligation to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date of this press release.
Company Contact:
Ordan Trabelsi, President,
Americas
Tel.: +1-212-675-4606
ordan@supercom.com
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SOURCE SuperCom Ltd