Geneva, Switzerland, Aug. 7, 2024 (GLOBE NEWSWIRE) — SEALSQ Corp (NASDAQ: LAES) (“SEALSQ” or the “Company”), a company focused on the development and sale of hardware and software products for semiconductors, PKI and post-quantum technology, today announced that on August 1, 2024, it received a notice (the “Notice”) from The Nasdaq Stock Market, LLC (“Nasdaq”) stating that the Company’s common stock, par value $0.01 per Common Share (the “Common Shares”), do not meet the required minimum bid price of $1.00 for continued listing on Nasdaq under Nasdaq Listing Rule 5550(a)(2), based on the closing bid price of the Company’s common stock for the last 30 consecutive business days prior to the date of the Notice.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company was granted an initial compliance period of 180 calendar days, or until January 28, 2025, to restore compliance with the minimum bid price requirement. To restore compliance, the closing bid price of the common stock must be at least $1.00 for at least 10 consecutive business days prior to January 28, 2025. If this occurs, Nasdaq would provide written confirmation of compliance and the matter would be closed.
If the Company is unable to restore compliance by January 28, 2025, the Company may be eligible for an additional 180 calendar day compliance period to demonstrate compliance with the minimum bid price requirement. To qualify, the Company must meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, except the minimum bid price requirement, and provide Nasdaq with written notice of its intent to cure the deficiency during the second compliance period, if necessary by executing a reverse stock split. If the Company fails to meet the requirements for the second compliance period or does not restore compliance during the second 180 calendar day period, Nasdaq will notify the Company that its common stock will be delisted, after which the Company will have the opportunity to appeal the decision to delist before a hearing committee.
The Company intends to monitor the closing price of its Common Shares and evaluate its available options to remedy the non-compliance with the minimum price target. Receipt of the notice will have no impact on the Company’s business.
About SEALSQ
SEALSQ focuses on selling integrated solutions based on semiconductors, PKI and provisioning services, while developing hardware and software products based on post-quantum technology. Our solutions can be used in a wide range of applications, from multi-factor authentication tokens, smart energy, smart home appliances, medical and healthcare and IT network infrastructure to automotive, industrial automation and control systems.
Post-Quantum Cryptography (PQC) refers to cryptographic methods that are resistant to attacks by quantum computers. As quantum computers become more powerful, they may be able to break many of the cryptographic methods currently used to protect sensitive information, such as RSA and Elliptic Curve Cryptography (ECC). PQC aims to develop new cryptographic methods that are resistant to quantum attacks. For more information, visit www.sealsq.com.
Forward-looking statements
This communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its business. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipate will occur in the future and all other statements that are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. These statements involve known and unknown risks and are based on a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that we believe could cause actual results to differ materially from those discussed in the forward-looking statements include the expected success of our IoMT security technology strategy and solutions for the medical and healthcare sectors, SEALSQ’s ability to execute on its growth strategies, SEALSQ’s ability to continue profitable transactions with material parties, including a limited number of significant customers; market demand and conditions in the semiconductor industry; and the risks discussed in SEALSQ’s filings with the SEC. Risks and uncertainties are described in more detail in SEALSQ’s reports filed with the SEC.
SEALSQ Corp provides this release as of today and undertakes no obligation to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
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