BRIDGEWATER, N.J.--(BUSINESS WIRE)--Synchronoss Technologies, Inc. (NASDAQ:SNCR) (“Synchronoss” or the “Company”), a global leader and innovator of cloud, messaging, digital and IoT products, today announced that it has received an anticipated letter from the Listing Qualifications Department of The Nasdaq Stock Market notifying the Company that its failure to file its Quarterly Report on Form 10-Q for the period ended March 31, 2018 would serve as a basis for potentially delisting the Company’s securities from The Nasdaq Stock Market.
A previously disclosed, the Company’s common stock was suspended from trading on Nasdaq on May 14, 2018. The Company has appealed the decision to the Nasdaq Listing and Hearing Review Council. During the appeal period, trading in the Company’s common stock on Nasdaq will remain suspended and Nasdaq will not effect a delisting of the Company’s common stock. Once the Company has regained compliance with its SEC reporting obligations, the Company intends to request Nasdaq lift the suspension and allow the Company’s common stock to recommence trading on Nasdaq. As previously disclosed, the Company anticipates regaining compliance with its SEC reporting obligations no later than June 30, 2018.
Synchronoss transforms the way companies create new revenue, reduce costs and delight their subscribers with cloud, messaging, digital and IoT products, supporting hundreds of millions of subscribers across the globe. Synchronoss’ secure, scalable and groundbreaking new technologies, trusted partnerships and talented people change the way Technology-Media-Telecommunications customers grow their business. For more information, visit us at www.synchronoss.com
Certain statements either contained in or incorporated by reference into this report, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “believes,” “potential” or “continue” or other similar expressions are intended to identify forward-looking statements. Synchronoss has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, risks and uncertainties relating to the ultimate timing and results of the Company’s restatement of its financial statements, its ability to regain compliance with its SEC reporting obligations and other factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, which is on file with the SEC and available on the SEC’s website at www.sec.gov. Additional factors may be described in those sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2017, June 30, 2017, September 30, 2017 and March 31, 2018, to be filed with the SEC as soon as practicable. The Company does not undertake any obligation to update any forward-looking statements contained in this report as a result of new information, future events or otherwise.