Safe-T Group Ltd. Granted 180-Day Extension by Nasdaq HERZLIYA, Israel, July 13, 2022 (GLOBE NEWSWIRE) -- Safe-T Group Ltd. (Nasdaq: SFET) (TASE: SFET), (“Safe-T” or “the Company”), a global provider of cybersecurity and privacy solutions to consumers and enterprises, announced today that it has it received a notification letter from Nasdaq Stock Market LLC that the Company has been granted an additional 180-day compliance period, or until January 9, 2023 to regain compliance with Nasdaq’s minimum bid price rule.
Nasdaq’s determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Capital Market, with the exception of the bid price requirement, and the Company’s written notice of its intention to cure the deficiency during the second compliance period and if necessary, by effecting a reverse stock split (or change to its American Depositary Shares (“ADSs”) ratio, as applicable).
In a notification letter dated January 12, 2022, Nasdaq had informed the Company that, based on the previous 30 consecutive business days, the Company’s ADSs no longer met the minimum $1 bid price per share requirement. Therefore, in accordance with Nasdaq’s Listing Rules, the Company was provided 180 calendar days, or until July 11, 2022, to regain compliance.
If at any time before January 9, 2023, the closing bid price of the Company’s ADSs is at least $1.00 per share for a minimum of 10 consecutive business days, the Company will regain compliance with this Nasdaq rule and this matter will be closed.
This current notification from Nasdaq has no immediate effect on the listing or trading of the Company’s ADSs, which will continue to trade on the Nasdaq Capital Market under the symbol “SFET”.
The Company intends to monitor the closing bid price of its ADSs between now and January 9, 2023, and intends to consider available options to cure the deficiency and regain compliance with the minimum bid price requirement within the second compliance period. The Company’s ADSs will continue to be listed and trade on the Nasdaq Capital Market during this period, unaffected by the receipt of the written notice from Nasdaq.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
https://www.globenewswire.com/news-release/2022/07/13/2478986/0/en/Safe-T-Group-Ltd-Granted-180-Day-Extension-by-Nasdaq-to-Regain-Compliance-with-Minimum-Bid-Requirements.html