SuperCom Receives Expected Nasdaq Letter on Late Filing

Rhea-AI Summary

SuperCom (NASDAQ: SPCB) has received a notification from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to the late filing of its Form 20-F for the year ended December 31, 2019. The company has 60 days to submit a Compliance Plan to regain compliance. SuperCom aims to file the required document within 30 days. The notification does not affect the trading status of its ordinary shares on the Nasdaq Capital Market.

Positive

• Company plans to submit Compliance Plan within 60 days to regain Nasdaq compliance.
• Intends to file Form 20-F within 30 days, demonstrating proactive measures.

Negative

• Non-compliance with Nasdaq Listing Rules could impact investor confidence.
• Failure to file Form 20-F on time may suggest internal management issues.

TEL AVIV, Israel, July 10, 2020 /PRNewswire/ -- SuperCom (NASDAQ: SPCB), a global provider of secure solutions for the e-Government, Public Safety, HealthCare, and Finance sectors, received a letter from Nasdaq notifying that the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1) as the Company has not yet filed its Form 20-F for the year ended December 31, 2019 (the "Annual Report") with the U.S. Securities and Exchange Commission.

Pursuant to the Letter, under Nasdaq Rules, the Company has 60 calendar days to submit to Nasdaq a plan (the "Compliance Plan") to regain compliance with the Nasdaq Listing Rules and if Nasdaq accepts the Compliance Plan, Nasdaq can grant the Company an exception until December 28, 2020 (that is, up to 180 calendar days from the extended due date of the Annual Report) to regain compliance.

The Company intends to complete and file the Form 20-F within 30 days, and to regain compliance.

The letter has no  effect on the current listing and trading of the Company's ordinary shares on the Nasdaq Capital Market.

About SuperCom

Since 1988, SuperCom has been a leading global provider of traditional and digital identity solutions, providing advanced safety, identification and security solutions to governments and organizations, both private and public, throughout the world. Through its proprietary e-Government platforms and innovative solutions for traditional and biometrics enrollment, personalization, issuance and border control services, SuperCom has inspired governments and national agencies to design and issue secured Multi-ID documents and robust digital identity solutions to its citizens and visitors. SuperCom offers advanced, secure mobile payments ranging from mobile wallet to mobile POS, using a set of components and platforms to enable secure mobile payments and financial services. SuperCom is a global provider of a unique all-in-one field-proven RFID & mobile PureSecurity advanced solutions suite, accompanied by advanced complementary services for various industries, including healthcare and homecare, security and safety, community public safety, law enforcement, electronic monitoring, livestock monitoring, and building and access automation.

SuperCom's website: http://www.supercom.com

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. Statements preceded or followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. Forward-looking statements in this release also include statements about business and economic trends. Investors should also consider the areas of risk described under the heading "Forward Looking Statements" and those factors captioned as "Risk Factors" in the Company's periodic reports under the Securities Exchange Act of 1934, as amended, or in connection with any forward-looking statements that may be made by the Company. These statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements arising from the annual audit by management and the Company's independent auditors. The Company undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.

Company Contact:
Arie Trabelsi
President
Tel: +1-212-675-4606
arie@supercom.com

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SOURCE SuperCom Ltd

FAQ

What did SuperCom announce on July 10, 2020?

SuperCom announced it received a Nasdaq compliance notification due to late filing of its Form 20-F.

How long does SuperCom have to regain compliance with Nasdaq rules?

SuperCom has 60 calendar days to submit a Compliance Plan to Nasdaq.

What is the significance of SuperCom's Form 20-F filing?

The Form 20-F is an annual report that provides important financial information about the company.

Does the Nasdaq notification affect SuperCom's stock trading?

No, the letter has no effect on the current listing and trading of SuperCom's shares.

When does SuperCom plan to file the Form 20-F?

SuperCom intends to file the Form 20-F within 30 days from the date of the notification.