Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On December 29, 2022, Cyren Ltd. (the "Company") received written notice (the
"Notice") from the Listing Qualifications Department of the Nasdaq Stock Market
("Nasdaq") informing the Company that because the closing bid price for the
Company's ordinary shares listed on the Nasdaq Capital Market was below $1.00
per share for 30 consecutive business days prior to the date of the Notice, the
Company does not meet the minimum closing bid requirement for continued listing
on the Nasdaq Capital Market set forth in Rule 5550(a)(2) of the Nasdaq Listing
Rules. This notification has no immediate effect on the listing of the Company's
ordinary shares on the Nasdaq Capital Market.
Under Nasdaq Listing Rules, the Company has 180 calendar days from the date of
the Notice to regain compliance with Nasdaq Listing Rules (the "compliance
period"). To regain compliance, the closing bid price of the Company's ordinary
shares on the Nasdaq Capital Market must be at least $1.00 per share for a
minimum of ten consecutive business days prior to the expiration of the
compliance period. The Company's ordinary shares will continue to trade on the
Nasdaq Capital Market under the symbol "CYRN" during this period. If the Company
does not regain compliance by June 27, 2023 the Company may be eligible for a
second 180 day compliance period, provided that, on such date, the Company meets
the continued listing requirement for market value of publicly held shares and
all other applicable initial listing requirements for the Nasdaq Capital Market
(other than the minimum closing bid price requirement) and the Company provides
written notice to Nasdaq of its intention to cure the deficiency and plans for
curing the deficiency during the second compliance period.
The Company plans to monitor the closing bid price for its ordinary shares
between now and June 27, 2023 and intends to take all reasonable measures
available to regain compliance under the Nasdaq Listing Rules and to maintain
the listing of its ordinary shares on the Nasdaq Capital Market. There can be no
assurance that the Company will be able to regain compliance with the minimum
bid price requirement or will otherwise be in compliance with other Nasdaq
listing criteria.
Item 9.01 Financial Statement and Exhibits.
(d) Exhibits.
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