COLORADO SPRINGS, Colo., Nov. 13, 2017 /PRNewswire/ -- Subsequent to the recently announced article 9 proceeding on September 28, 2017 in which all of the assets of root9B Holdings, Inc. (the "Company") were foreclosed upon and sold at a public auction by Centriole Reinsurance Company, Ltd. as agent for the Company's secured creditors, to satisfy the Company's outstanding secured indebtedness (the "Foreclosure"), the Company has continued to have no operating assets and no ability to generate revenue. With the absence of any operating assets remaining after the Foreclosure, the Company will cease any and all operations effective, December 31, 2017.
As previously disclosed, the Company has received multiple notifications from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") that the Company failed to meet certain Nasdaq continued listing standards and a hearing date of November 16, 2017 to discuss these issues was set. On November 9, 2017, the Company informed the Nasdaq Hearing Panel that it would not have the means to cure the listing requirements and therefore would not attend a November 16, 2017 hearing to seek an extension for listing.
In response, on November 13, 2017, Nasdaq informed the Company that the Company's shares will be suspended on Wednesday, November 15, 2017 at market opening. NASDAQ will file a form 25 Notification of Delisting with the Securities and Exchange Commission when all internal appeal periods have run.
SOURCE root9B Holdings, Inc.