VirnetX Receives NYSE Failure to Satisfy a Continued Listing Rule Notification
Under the NYSE standards, the Company can regain compliance with Rule 802.01C if, during the six-month period following receipt of the NYSE notice, on the last trading-day of any calendar month, the Company's common stock has (i) a closing price per share of at least
The Company intends to cure the price deficiency and return to compliance with Rule 802.01C within the applicable cure period. As required by the NYSE, the Company will notify the NYSE of its intent to cure, which may include, if necessary, effecting a reverse stock split, subject to approval by the board of directors and stockholders of the Company. The Company is already undertaking business initiatives and other actions that it believes will increase stockholder value and drive share price increases. During this period, the Company's common stock will continue to be traded on the NYSE, subject to compliance with other continued NYSE listing requirements.
Special Note Regarding Forward-Looking Statements
This press release should be read in conjunction with our filings with the
These forward-looking statements are based upon our current expectations, estimates, assumptions, and beliefs concerning future events and conditions and may discuss, among other things, expectations regarding our stock price, future compliance with NYSE listing rules, our intent to seek a curative action requiring shareholder approval, if necessary, our intent to remain listed on the NYSE and our intent to regain compliance with NYSE listing standards. Any statement that is not historical in nature is a forward- looking statement and may be identified by the use of words and phrases such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "will be," "will continue," "will likely result in," and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are necessarily subject to risks, uncertainties, and other factors, many of which are outside our control, and could cause actual results to differ materially from such statements and from our historical results and experience. These risks, uncertainties and other factors include, but are not limited to risks detailed in our filings with the
EXCEPT AS REQUIRED BY LAW, WE UNDERTAKE NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENT AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.