GlobalSCAPE, Inc. Receives Notice from NYSE Regulation Regarding Late Filing of Quarterly Report
28 Agosto 2017 - 7:45AM
Business Wire
GlobalSCAPE, Inc. (NYSE American: GSB) (“GlobalSCAPE” or the
“Company”), a worldwide leader in the secure movement and
integration of data, today made an announcement concerning the
Company’s noncompliance with the continued listing standards of
NYSE American LLC (the “Exchange”).
For the reasons previously disclosed in its Current Report on
Form 8-K, filed with the U.S. Securities and Exchange Commission
(the “SEC”) on August 7, 2017 and in its Form 12b-25 filed with the
SEC on August 14, 2017, the Company has not timely filed with the
SEC its quarterly report on Form 10-Q for the quarter ended June
30, 2017 (the “Delayed Form 10-Q”). On August 22, 2017, the Company
received an anticipated letter from NYSE Regulation notifying the
Company of its noncompliance with the continued listing standards
of the Exchange due to the Company’s failure to timely file the
Delayed Form 10-Q with the SEC and that the Company is now subject
to the procedures and requirements set forth in Section 1007 of the
Exchange’s Company Guide (the “Company Guide”). The notification of
noncompliance was issued pursuant to standard procedures of NYSE
Regulation and the Exchange.
The Company is working diligently to file the Delayed Form 10-Q
with the SEC as soon as practicable, which will result in regaining
compliance with the continued listing standards of the
Exchange.
NYSE Regulation has informed the Company that during the
six-month period ending on February 22, 2018 (the “Initial Cure
Period”), the Exchange will monitor the Company and the status of
the Delayed Form 10-Q and any subsequent annual report or Form 10-Q
that the Company fails to file by the applicable due date
(“Subsequent Reports”) until the Delayed Form 10-Q and any
Subsequent Reports have been filed with the SEC. The letter from
NYSE Regulation states that if the Company fails to file the
Delayed Form 10-Q and any Subsequent Reports within the Initial
Cure Period, the Exchange may, in the Exchange’s sole discretion,
allow the Company’s securities to be traded for up to an additional
six-month period (the “Additional Cure Period”) depending on the
Company’s specific circumstances. The letter states that if the
Exchange determines that an Additional Cure Period is not
appropriate, suspension and delisting procedures will commence in
accordance with the procedures set out in Section 1010 of the
Company Guide. The letter further states that the Exchange may, in
its sole discretion, decide (i) not to afford the Company any
Initial Cure Period or Additional Cure Period, as the case may be,
at all or (ii) at any time during the Initial Cure Period or
Additional Cure Period, to truncate the Initial Cure Period or
Additional Cure Period, as the case may be, and immediately
commence suspension and delisting procedures if the Company is
subject to delisting pursuant to any other provision of the Company
Guide, including if the Exchange believes, in the Exchange’s sole
discretion, that continued listing and trading of the Company’s
securities on the Exchange is inadvisable or unwarranted in
accordance with Sections 1001-1006 of the Company Guide.
The Company’s common stock will continue to be listed on the
Exchange under the ticker symbol “GSB” but, beginning on August 29,
2017, a “.LF” indicator will be disseminated with the Company’s
ticker symbol to signify the Company’s late filing status.
The Company is making this announcement in compliance with
Section 1007 of the Exchange’s Company Guide, which requires prompt
disclosure of receipt of a notification of noncompliance with the
Exchange’s continued listing standards.
Safe Harbor Statement
This news 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,
including, without limitation, GlobalSCAPE’s expectations as to the
timing of the filing of the Delayed Form 10-Q.
These forward-looking statements involve risks and
uncertainties, and actual results could vary materially from these
forward-looking statements. Factors that may cause future results
to differ materially from management’s current expectations
include, among other things, the discovery of additional
information relevant to the internal investigation previously
announced by the Company; the conclusions of the Company’s Audit
Committee (and the timing of the conclusions) concerning matters
relating to the internal investigation; the timing of the review
by, and the conclusions of, GlobalSCAPE’s independent registered
public accounting firm regarding the internal investigation and
GlobalSCAPE’s financial statements; the possibility that additional
errors may be identified; the risk that the completion of the
restatement of certain of the Company’s financial statements and
the filing of the related quarterly and annual report and quarterly
report amendments will take longer than expected; pending
litigation and the possibility of further legal proceedings adverse
to GlobalSCAPE resulting from the restatement or related matters;
and the costs associated with the restatement. GlobalSCAPE
disclaims any obligation to update information contained in these
forward-looking statements whether as a result of new information,
future events, or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170828005111/en/
GlobalSCAPEPress ContactPerry Street
CommunicationsJonathan Morgan, 214-965-9955 or
212-333-5525jmorgan@perryst.comorInvestor Relations
ContactMatt Glover or Najim Mostamand,
210-801-8489IR@globalscape.com
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