Safe-T Group Regains Compliance with Nasdaq Minimum Closing Bid Price Rule

Rhea-AI Summary

Safe-T Group Ltd. (Nasdaq: SFET) has announced its compliance with Nasdaq Listing Rule 5450(a)(1), which mandates a minimum bid price of $1.00 for its American Depositary Shares (ADS). This determination followed 10 consecutive business days of closing bid prices at or above the required threshold. As a result, the bid price deficiency issue is now resolved, allowing the company to maintain its listing. Safe-T offers a range of cybersecurity and privacy solutions for consumers and enterprises, underscoring its commitment to secure online experiences.

Positive

• Regained compliance with Nasdaq Listing Rule 5450(a)(1).
• Closing bid price of ADS maintained at $1.00 or greater for 10 consecutive business days.

Negative

• None.

HERZLIYA, Israel, Nov. 23, 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, today reported the receipt of a formal notification from The Nasdaq Stock Market LLC ("Nasdaq") that the Company has regained compliance with Listing Rule 5450(a)(1), which requires the Company's American Depositary Shares (“ADS”) to maintain a minimum bid price of $1.00 per share.

The Nasdaq staff made this determination of compliance after the closing bid price of the Company's ADSs was at $1.00 per share or greater for the prior 10 consecutive business days. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5450(a)(1) and Nasdaq considers the prior bid price deficiency matter now closed.

About Safe-T Group Ltd.

Safe-T Group Ltd. (Nasdaq: SFET) (TASE: SFET) is a global provider of cyber-security and privacy solutions to consumers and enterprises. The Company operates in three distinct segments: enterprise cyber-security solutions, enterprise privacy solutions, and consumer cyber-security and privacy solutions.

Our cybersecurity and privacy solutions for consumers provide a wide security blanket against ransomware, viruses, phishing, and other online threats as well as a powerful, secured, and encrypted connection, masking their online activity and keeping them safe from hackers. The solutions are designed for advanced and basic users, ensuring full personal protection for all personal and digital information.

Our privacy solutions for enterprises are based on our world’s fastest and most advanced and secured proxy network, enabling our customers to collect data anonymously at any scale from any public sources over the web using a unique hybrid network. Our network comprises both exit points based on our proprietary reflection technology and hundreds of servers located at our ISP partners around the world. The infrastructure is optimally designed to guarantee the privacy, quality, stability, and the speed of the service.

Our cybersecurity solutions for enterprises, designed for cloud, on-premises and hybrid networks, mitigates attacks on enterprises’ business-critical services and sensitive data, while ensuring uninterrupted business continuity. Organizational data access, storage and exchange use cases, from outside the organization or within, are secured according to the “validate first, access later” philosophy of Safe-T’s zero trust. Our ZoneZero® solutions are available by our reseller, TerraZone Ltd., a global information security provider, as a solution or cloud service.

For more information about Safe-T, visit www.safetgroup.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Safe-T is using forward-looking statements in this press release when it discusses maintaining compliance with Nasdaq’s continued listing requirements. Because such statements deal with future events and are based on Safe-T’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Safe-T could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Safe-T’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 29, 2022, and in any subsequent filings with the SEC. Except as otherwise required by law, Safe-T undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

INVESTOR RELATIONS CONTACTS:

Michal Efraty
+972-(0)52-3044404
investors@safetgroup.com

FAQ

What does Safe-T Group Ltd. (SFET) do?

Safe-T Group Ltd. provides cybersecurity and privacy solutions for consumers and enterprises, including protection against online threats.

What is the recent compliance status of Safe-T Group Ltd. (SFET) with Nasdaq?

Safe-T Group Ltd. has regained compliance with Nasdaq Listing Rule 5450(a)(1), confirming its ADS maintain a minimum bid price of $1.00.

How long did Safe-T's ADS maintain the required bid price?

Safe-T's ADS maintained the required closing bid price of $1.00 or greater for 10 consecutive business days.

What was the issue resolved by Safe-T Group Ltd. (SFET)?

The issue was related to a bid price deficiency, which has now been resolved following compliance with Nasdaq regulations.

What are the main segments of Safe-T Group Ltd. (SFET)?

Safe-T operates in three segments: enterprise cyber-security solutions, enterprise privacy solutions, and consumer cyber-security and privacy solutions.