United States : Synchronoss Common Stock to be Suspended from Trading on Nasdaq
May 16, 2018 (Euclid Infotech Ltd via COMTEX) —
Synchronoss Technologies, Inc. a global leader and innovator in cloud, messaging, digital, and IoT products and platforms, announced that, as expected, Synchronoss received a notification letter from the Nasdaq Hearings Panel on May 11, 2018, indicating that trading in Synchronoss common stock will be suspended effective at the open of business on May 14, 2018.
Synchronosspreviously announced that it did not expect to regain compliance with the continued Nasdaq listing requirements prior to May 10, 2018, the deadline previously set by the Panel. Synchronoss continues to work diligently to complete the restatement of its financial statements and regain compliance with its Securities and Exchange Commission (SEC) reporting obligations, which it expects to occur no later than June 30, 2018. Although Synchronoss believes its auditors are in the final stages of completing their audit, some matters have taken longer to finalize than initially anticipated.
The notification letter also stated that the Panel has determined to delist Synchronoss shares from Nasdaq after applicable appeal periods have lapsed. Synchronoss plans to appeal the decision to the Nasdaq Listing and Hearing Review Council. During the appeal period, trading in Synchronoss common stock on Nasdaq will remain suspended, and Nasdaq will not affect a delisting. While Synchronoss common stock is suspended from trading on Nasdaq, its shares will be quoted on the OTC Markets under the trading symbol SNCR.
Once Synchronoss has regained compliance with its SEC reporting obligations, it intends to request the Panel lift the suspension and allow the companys common stock to recommence trading on Nasdaq. We are focused on completing the necessary actions to meet the reporting requirements during the suspension period, said Glenn Lurie, President and