TEL AVIV, Israel, Nov. 19, 2019 /PRNewswire/ -- SuperCom (NASDAQ: SPCB), a global provider of Multi-Identity, IoT, Connectivity, and Cyber Security solutions for the Public and Private Sectors, today announced that the Company has been notified by the Listing Qualifications Department of The Nasdaq Stock Market LLC (the "Staff") that the Company's ordinary shares would be subject to delisting due to the Company's failure to timely file its Annual Report on Form 20-F for the fiscal year ended December 31, 2018 (the "Form 20-F") with the Securities and Exchange Commission (the "SEC") unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the "Panel").
This notice has no immediate impact on Nasdaq listing of the Company's common stock.
The Company plans to timely request a hearing before the Panel, which request will automatically stay any further action by the Staff through at least December 5, 2019. The Company plans to request a further stay pending the ultimate conclusion of the hearing process along with its request for a hearing before the Panel The Panel has the discretion to grant the Company an extension of up to 360 days from the original deadline to file the Form 20-F with the SEC, or May 11, 2020
As previously disclosed, on May 16, 2019, the Company was advised by the Staff that it no longer satisfied Nasdaq Listing Rule 5250(c)(1) (the "Rule"), which requires Nasdaq-listed companies to timely file all periodic reports with the SEC. The Company submitted a plan to regain compliance with the Rule and the Staff granted the Company an extension through November 11, 2019 to do so. The Company did not file the Form 20-F by November 11, 2019, which resulted in the issuance of the Staff's determination as discussed above.
The Company plans to file the Form 20-F as promptly as practicable and within the stay period, in order to regain compliance.
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 & 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: www.supercom.com
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.
SOURCE SuperCom Ltd.