AUSTIN, Texas, March 8, 2016 /PRNewswire/ -- Crossroads
Systems, Inc. (NASDAQ: CRDS) today announced that on March 2, 2016, Crossroads Systems, Inc. (the
"Company") received written notice from The NASDAQ Stock Market LLC
("NASDAQ") indicating that the Company is not in compliance with
the $1.00 minimum bid price
requirement for continued listing on The NASDAQ Capital Market, as
set forth in Listing Rule 5550(a)(2).
In accordance with Listing Rule 5810(c)(3)(A), the Company has a
period of 180 calendar days, or until August 29, 2016, to regain
compliance with the minimum bid price requirement. To regain
compliance, the closing bid price of the Company's common stock
must meet or exceed $1.00 per share for a minimum of ten
consecutive business days during this 180 day period.
If the Company is not in compliance by August 29, 2016, the Company may be eligible for
a second 180 calendar day period to regain compliance. To qualify,
the Company would be required to meet the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for The NASDAQ Capital Market, with the
exception of the minimum bid price requirement. In addition, the
Company would be required to notify NASDAQ of its intent to cure
the minimum bid price deficiency, which may include, if necessary,
implementing a reverse stock split.
If the Company does not regain compliance within the allotted
compliance periods, including any extensions that may be granted by
NASDAQ, NASDAQ will provide notice that the Company's common stock
will be subject to delisting.
The Company is currently reviewing its options to regain
compliance with the NASDAQ Listing Rules, but no decisions have
been made at this time.
About Crossroads Systems
Crossroads Systems, Inc.
(NASDAQ: CRDS) is a global provider of data storage solutions.
Through the innovative use of new technologies, Crossroads delivers customer-driven solutions
that enable proactive data security, advanced data archiving,
optimized performance and significant cost-savings. Founded in 1996
and headquartered in Austin, TX,
Crossroads has been awarded more
than 100 patents and has been honored with numerous industry awards
for data archiving, storage and protection. Visit
www.crossroads.com.
Important Cautions Regarding Forward-Looking
Statements
This press release includes
forward-looking statements that relate to the business and expected
future events or future performance of Crossroads Systems, Inc. and
involve known and unknown risks, uncertainties and other factors
that may cause its actual results, levels of activity, performance
or achievements to differ materially from any future results,
levels of activity, performance or achievements expressed or
implied by these forward-looking statements. Words such as, but not
limited to, "believe," "expect," "anticipate," "estimate,"
"intend," "plan," "targets," "likely," "will," "would," "could,"
and similar expressions or phrases identify forward-looking
statements. Forward-looking statements include, but are not limited
to, statements about Crossroads Systems' ability to implement its
business strategy, including the transition from a hardware storage
company to a software solutions and services provider, its ability
to expand its distribution channels, its ability to maintain or
broaden relationships with existing distribution channels and
strategic alliances and develop new industry relationships, the
performance of third parties in its distribution channels and of
its strategic alliances, the potential market for our data storage
products, changes in the fair value of its derivative instruments
and its ability to achieve or maintain profitability. The future
performance of Crossroads Systems may be adversely affected by the
following risks and uncertainties: uncertainties relating to
product development and commercialization, uncertain market
acceptance of Crossroads Systems products, including StrongBox,
intense competition in the data protection and storage markets,
variations in quarterly results and a consequence of unpredictable
sales cycles and other factors, the ability to obtain, maintain or
protect patent and other proprietary intellectual property rights,
developments in litigation to which we may be a party,
technological change in the industry, future capital requirements,
regulatory actions or delays and other factors that may cause
actual results to be materially different from those described or
anticipated by these forward-looking statements. For a more
detailed discussion of these factors and risks, investors should
review Crossroads Systems' reports on Form 10-K, Form
10-Q, Form 8-K and other reports filed with the
Securities and Exchange Commission, which can be accessed through
the SEC's website or by clicking "SEC Filings" on the Company's
Investor Relations website
at http://investors.crossroads.com. Forward-looking
statements in this press release are based on management's beliefs
and opinions at the time the statements are made. All
forward-looking statements are qualified in their entirety by this
cautionary statement, and Crossroads Systems undertakes no
duty to update this information to reflect future events,
information or circumstances.
©2016 Crossroads Systems, Inc., Crossroads and Crossroads Systems are
registered trademarks of Crossroads Systems, Inc. All trademarks
are the property of their respective owners. All specifications are
subject to change without notice.
Company
Contact:
|
Investor
Contact:
|
Jennifer
Crane
|
Mark Hood
|
Crossroads
Systems
|
Crossroads
Systems
|
ir@crossroads.com
|
ir@crossroads.com
|
512.928.6897
|
512.928.7330
|
|
|
Press
Contact:
|
Matthew
Zintel
|
Zintel Public
Relations
|
matthew.zintel@zintelpr.com
|
281.444.1590
|
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SOURCE Crossroads Systems