CYRN - CYRN STOCK NEWS

Cyren (NASDAQ:CYRN), a provider of email security solutions, announced it will cease operations and begin insolvency proceedings due to an inability to secure additional liquidity. The Board of Directors approved a voluntary bankruptcy filing with the Tel Aviv District Court in Israel. The US subsidiary will also start a general assignment for creditors, and liquidation will proceed for subsidiaries in the UK, Germany, and Iceland. Nasdaq has been notified, and the company expects its shares to be delisted. Trading in CYRN's stock is highly speculative and poses substantial risks, with little relation to potential recovery for security holders.

Cyren (NASDAQ:CYRN) announced a non-binding letter of intent with Opin Kerfi (OK) to sell its Iceland-based anti-malware business assets, including technology and related IP. The purchase price remains undisclosed. This move follows a significant workforce reduction due to liquidity issues, and aims to ensure continued access to anti-malware products for existing customers under new ownership. The completion of the sale depends on due diligence and a definitive purchase agreement, with potential court approvals required due to Cyren's financial difficulties. There are no guarantees a transaction will materialize.

Cyren (NASDAQ:CYRN) announced a significant workforce reduction, laying off approximately 121 employees, nearly its entire staff, due to challenging market conditions and difficulties in raising capital. The management foresees that the company's current cash and operational cash flows will likely be insufficient to cover working capital needs in the near future. Cyren is exploring strategic alternatives, including asset monetization or liquidation. If liquidity issues persist, it may need to consider insolvency options. The company provides cybersecurity solutions that protect over 1 billion users globally from various cyber threats.

Cyren (NASDAQ:CYRN) reported third quarter 2022 revenues of $5.8 million, a 4% increase from the same quarter in 2021. The company witnessed strong growth in its enterprise anti-phishing and threat detection services. Despite a net loss of $5.5 million, an improvement from a $6.1 million loss in Q3 2021, gross profit rose by 22.3%. Operating expenses increased to $8.3 million due to heightened sales efforts. Additionally, Cyren divested its legacy email security business for €10 million, allowing a greater focus on profitable opportunities. Cash reserves stood at $14.1 million as of September 30, 2022.

Cyren (NASDAQ:CYRN) announces its third quarter financial results will be released on November 14, 2022, after U.S. market close. A conference call is scheduled for 4:30 p.m. ET the same day, accessible via U.S. toll-free line 1-877-407-0312 or international line 1-201-389-0899. A live webcast will also be available on Cyren's investor relations website. A replay will be offered until November 30, 2022, for those unable to attend. Cyren provides cloud security solutions used by over 1.3 billion users globally, ensuring protection against cyber threats.

Cyren (NASDAQ:CYRN) has announced the launch of its Hybrid Analyzer, a cutting-edge tool designed to enhance the detection of zero-hour malware without compromising performance or privacy. This innovative solution is 100 times faster than traditional malware sandboxes, enabling service providers and enterprises to analyze millions of files daily. The Hybrid Analyzer mitigates risks from undetected malware, accounting for up to 10% of files but a significant infection risk. Cyren aims to improve email security policies and reduce malware detection times, assuring better protection for users.

Cyren (NASDAQ:CYRN) has announced the successful completion of an external audit for compliance with SOC 2 Type 2 standards. This accreditation confirms that Cyren's security controls and processes meet the requirements for protecting customer data. The audit was performed by an accredited third party, enhancing customer trust in Cyren Inbox Security. Michael Tamir, Chief Information Security Officer, emphasized the significance of this milestone in fulfilling their responsibility to secure client data. Compliance with SOC 2 Type 2 positions Cyren favorably in the competitive cybersecurity market.

Cyren (NASDAQ:CYRN) reported its Q2 2022 financial results, showing revenues of $5.8 million, slightly up from $5.7 million in Q2 2021. The net loss from continuing operations was $5.8 million, improving from $5.9 million a year prior. A key highlight was the 87% year-over-year growth in annual recurring revenue (ARR) for its enterprise anti-phishing product. The company completed the divestment of its legacy secure email gateway business for €10 million, aimed at strengthening its focus on growth-oriented products.

Cyren Ltd. (NASDAQ:CYRN) has successfully completed the sale of its legacy secure email gateway business to Content Services Group GmbH for €10 million in cash. This strategic divestment will improve Cyren's balance sheet and allow the company to concentrate on its core business and growth opportunities, particularly with its Cyren Inbox Security product. CEO Brett Jackson emphasized that this move aims to enhance revenue generation and deliver increased value to customers and shareholders.