SuperCom (SPCB) Receives Nasdaq Letter on Minimum Bid Requirements
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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.
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