Synchronoss Technologies, Inc. Receives Nasdaq Letter
23 May 2017 - 6:15AM
Business Wire
Synchronoss Technologies, Inc.
(NASDAQ: SNCR) (the "Company"), the leader in mobile cloud
innovation for mobile carriers, enterprises, retailers and OEMs
around the world, today announced that it has received an
anticipated letter from the Listing Qualifications Department of
The NASDAQ Stock Market (“Nasdaq”) notifying the Company of its
noncompliance with Nasdaq Listing Rule 5250(c)(1) because the
Company has not yet filed its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2017 (the “Form 10-Q”). Nasdaq indicated
that the Company has 60 days to submit a plan to regain compliance.
If Nasdaq accepts the Company’s plan, it may grant an exception of
up to 180 calendar days from the Form 10-Q’s due date, or November
6, 2017, to regain compliance. If Nasdaq does not accept the
Company’s plan, the Company will have the opportunity to appeal
that decision to a Nasdaq Hearings Panel before any delisting
occurs.
The Company intends to regain compliance with Nasdaq’s filing
requirements, and will file the Form 10-Q as soon as
practicable.
The notification of noncompliance has no immediate effect on the
listing or trading of Synchronoss’ common stock on the Nasdaq
Global Select Market under the symbol “SNCR”.
About Synchronoss Technologies, Inc.
Synchronoss (NASDAQ: SNCR) is an innovative software company
that helps both service providers and enterprises realize and
execute their goals for mobile transformation now. Our simple,
powerful and flexible solutions serve millions of mobile
subscribers and a large portion of the Fortune 500 worldwide today.
For more information, visit us at www.synchronoss.com.
Forward-looking Statements
This press release contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements include, but are not
limited to, plans, objectives, expectations and intentions and
other statements contained in this press release that are not
historical facts and statements identified by words such as
“expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,”
“estimates,” “outlook” or words of similar meanings. These
statements are based on our current expectations and beliefs and
various assumptions. There can be no assurance that we will realize
these expectations or that these beliefs will prove correct.
Examples of forward-looking statements include, but are not limited
to, statements we make regarding the timing of the filing of the
Form 10-Q. Numerous factors, many of which are beyond our control,
could cause actual results to differ materially from those
expressed as forward-looking statements. These factors include, but
are not limited to, risks associated with fluctuations in our
financial and operating results; integration of our Intralinks
business and execution of our cost reduction plan; our substantial
level of debt and related obligations, including interest payments,
covenants and restrictions; uncertainty regarding increased
business and renewals from existing customers; the dependence of
our Intralinks business on the volume of financial and strategic
business transactions; disruptions to the implementation of our
strategic priorities and business plan caused by changes in our
senior management team; customer renewal rates and attrition;
customer concentration; our ability to maintain the security and
integrity of our systems; foreign currency exchange rates; the
financial and other impact of previous and future acquisitions;
competition in the enterprise and mobile solutions markets; our
ability to retain and motivate employees; technological
developments; litigation and disputes and the costs related
thereto; unanticipated changes in our effective tax rate;
uncertainties surrounding domestic and global economic conditions;
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 Securities and Exchange Commission (the “SEC”) and
available on the SEC’s website at www.sec.gov. Additional factors
may be described in those sections of the Form 10-Q, to be filed
with the SEC in the second quarter of 2017. The Company does not
undertake any obligation to update any forward-looking statements
contained in this press release as a result of new information,
future events or otherwise.
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Investor and Media:Synchronoss Technologies, Inc.Daniel
Ives, +1 908-524-1047daniel.ives@synchronoss.com