Sify regains compliance with NASDAQ Minimum Bid Price requirement

Rhea-AI Summary

Sify Technologies Limited (NASDAQ: SIFY) has regained compliance with NASDAQ's minimum bid price requirements. A letter from NASDAQ confirmed that Sify's common stock maintained a closing bid price of at least $1.00 for ten consecutive business days, from July 30 to August 12, 2020. The compliance period provided by NASDAQ allowed Sify 180 days to meet this requirement following a notification on April 23, 2020, regarding non-compliance. With this news, Sify continues its focus on ICT solutions, particularly in a digitally evolving economy.

Positive

• Regained compliance with NASDAQ's minimum bid price rules.
• Closed bid price maintained above $1.00 for ten consecutive business days.

Negative

• None.

Santa Clara, California, Aug. 18, 2020 (GLOBE NEWSWIRE) -- Sify Technologies Limited (NASDAQ: SIFY), headquartered in Chennai, India, India’s most comprehensive ICT solutions provider with global service capabilities spanning Networks, Data Centers, Cloud, Applications Management, Managed services and Systems integration, today announced receiving a letter from NASDAQ confirming that it has regained compliance with the minimum bid price rules.

On April 23, 2020, NASDAQ had notified the Company that its common stock failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing Rules of The NASDAQ Stock Market.  

Further, NASDAQ, in the said communication, had provided the company a compliance period of 180 calendar days in which to gain compliance.  The letter also states that if at any time during this tolling period or 180 day period the closing bid price of the Company’s security is at least $1 for a minimum of ten consecutive business days, Nasdaq will provide a written confirmation of compliance and the matter will be closed.

Since then, NASDAQ has determined that for the last 10 consecutive business days, from July 30 to August 12, 2020, the closing bid price of the Company’s common stock has been at $1.00 per share or greater.  

In a letter dated August 13, 2020, NASDAQ notified Sify has regained compliance with Listing Rule 5550(a)(2) of the Minimum Bid price rule.

About Sify Technologies

Sify Technologies is India’s most comprehensive ICT service & solution provider. With Cloud at the core of our solutions portfolio, Sify is focussed on the changing ICT requirements of the emerging Digital economy and the resultant demands from large, mid and small-sized businesses.  

Sify’s infrastructure comprising the largest MPLS network, top-of-the-line DCs, partnership with global technology majors, vast expertise in business transformation solutions modelled on the cloud make it the first choice of start-ups, incoming Enterprises and even large Enterprises on the verge of a revamp.

More than 10000 businesses across multiple verticals have taken advantage of our unassailable trinity of Data Centers, Networks and Security services and conduct their business seamlessly from more than 1600 cities in India. Internationally, Sify has presence across North America, the United Kingdom and Singapore. 

Sify, www.sify.com Sify Technologies and www.sifytechnologies.com are registered trademarks of Sify Technologies Limited

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  The forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Sify undertakes no duty to update any forward-looking statements. 

For a discussion of the risks associated with Sify’s business, please see the discussion under the caption “Risk Factors” in the company’s Annual Report on Form 20-F for the year ended March 31, 2019, which has been filed with the United States Securities and Exchange Commission and is available by accessing the database maintained by the SEC at www.sec.gov and Sify’s other reports filed with the SEC. 

For further information, please contact: 

Praveen Krishna
Sify Technologies Limited
+91 44 22540777 (ext.2055)
praveen.krishna@sifycorp.com

Nikhila Kesavan
20:20 Media
+91 9840124036
nikhila.kesavan@2020msl.com

Shiwei Yin
Grayling Investor Relations
+1-646-284-9474
Shiwei.Yin@grayling.com

FAQ

What does Sify Technologies' compliance with NASDAQ mean for investors?

Sify's compliance with NASDAQ indicates that the stock is currently meeting the minimum bid price requirement, which can enhance investor confidence.

When did Sify regain compliance with NASDAQ's listing rules?

Sify regained compliance with NASDAQ's minimum bid price rules as of August 13, 2020.

What was the minimum bid price requirement that Sify had to meet?

Sify needed to maintain a minimum bid price of $1.00 for at least ten consecutive business days.

What is the significance of Sify's stock price being above $1.00?

Sify's stock price being above $1.00 ensures it remains listed on NASDAQ, avoiding potential delisting.