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Today, Cyrene (NASDAQ: CYRN), an email security and threat intelligence solutions provider, announced that the company has received written notification from the NASDAQ Capital Market (“Nasdaq”) Listing Qualification Department granting the request. of the Company for a 180-day extension to recover compliance with the Nasdaq minimum bid price requirement under Nasdaq Listing Rule 5550 (a) (2) (the “Rule”). The Company now has until April 4, 2022 to meet the requirement.
The Nasdaq extension notice has no immediate effect on the continued listing status of the Company’s common shares on the Nasdaq Capital Market. Therefore, Ordinary Shares remain listed on the Nasdaq Capital Market.
If, at any time until April 4, 2022, the bid price of the common shares of the Company closes at $ 1.00 or more per share for at least 10 consecutive trading days, the Company will again comply with the Rule and the case will be closed.
The Company will continue to monitor the bid price of its Ordinary Shares and will examine the various options available to it if its Ordinary Shares do not trade at a level which may return to compliance. These options include the execution of a reverse stock split. There can be no assurance that the Company will again comply with the Rule or maintain compliance with any of the other Nasdaq listing maintenance requirements.
If the Company fails to meet the minimum bid requirement during the additional 180 day extension, Nasdaq will notify the Company in writing that its Ordinary Shares will be subject to delisting. At that time, the Company can appeal the delisting decision to a Nasdaq hearing panel. The Company would remain listed pending the Panel’s decision. There can be no assurance that if the Company appeals a subsequent delisting decision, this appeal will be successful.
For more information, please see the company’s current report on Form 8-K filed with the Securities and Exchange Commission on October 6, 2021.