ZEPHYR
COVE, Nev., May 15, 2023
/PRNewswire/ -- VirnetX™ Holding Corporation (NYSE: VHC), an
Internet security software and technology company, today announced
that on May 12, 2023, it received a
notice from the New York Stock Exchange (the "NYSE") that the
Company's common stock is not in compliance with Rule 802.01C of
the NYSE's Listed Company Manual ("Rule 802.01C") relating to the
minimum average closing price of the Company's common stock
required over a consecutive 30 trading-day period. The NYSE
notification does not affect the Company's business operations or
its Securities and Exchange Commission reporting requirements.
Under the NYSE standards, the Company can regain compliance with
Rule 802.01C if, during the six-month period following receipt of
the NYSE notice, on the last trading-day of any calendar month, the
Company's common stock has (i) a closing price per share of at
least $1.00 and (ii) a 30 trading-day
average closing share price of at least $1.00.
The Company intends to cure the price deficiency and return to
compliance with Rule 802.01C within the applicable cure
period. As required by the NYSE, the Company will notify the
NYSE of its intent to cure, which may include, if necessary,
effecting a reverse stock split, subject to approval by the board
of directors and stockholders of the Company. The Company is
already undertaking business initiatives and other actions that it
believes will increase stockholder value and drive share price
increases. During this period, the Company's common stock
will continue to be traded on the NYSE, subject to compliance with
other continued NYSE listing requirements.
About VirnetX
VirnetX Holding Corporation is an Internet security software and
technology company with patented technology for secure
communications including 4G LTE and 5G security. VirnetX's software
and technology solutions, including its Secure Domain Name Registry
and Technology, VirnetX One™, VirnetX War Room™, VirnetX Matrix™,
and Gabriel Connection Technology™, are designed to facilitate
secure communications and to create a secure environment for
real-time communication applications such as cloud computing,
instant messaging, VoIP, smart phones, e-Readers and video
conferencing. VirnetX's patent portfolio includes over 200 U.S. and
foreign granted patents, validations and pending applications. For
more information, please visit: http://www.virnetx.com/.
Special Note Regarding Forward-Looking Statements
This press release should be read in conjunction with our
filings with the Securities and Exchange Commission.
Statements herein may constitute "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act"), and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act").
These forward-looking statements are based upon our current
expectations, estimates, assumptions, and beliefs concerning future
events and conditions and may discuss, among other things,
expectations regarding our stock price, future compliance with NYSE
listing rules, our intent to seek a curative action requiring
shareholder approval, if necessary, our intent to remain listed on
the NYSE and our intent to regain compliance with NYSE listing
standards. Any statement that is not historical in nature is a
forward- looking statement and may be identified by the use of
words and phrases such as "anticipates," "believes," "estimates,"
"expects," "intends," "plans," "predicts," "projects," "will be,"
"will continue," "will likely result in," and similar expressions.
Readers are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements are
necessarily subject to risks, uncertainties, and other factors,
many of which are outside our control, and could cause actual
results to differ materially from such statements and from our
historical results and experience. These risks, uncertainties and
other factors include, but are not limited to risks detailed in our
filings with the Securities and Exchange Commission (the "SEC").
Readers are cautioned that it is not possible to predict or
identify all the risks, uncertainties and other factors that may
affect future results and that the risks described herein should
not be considered a complete list. Any forward-looking statement
speaks only as of the date on which such statement is made.
EXCEPT AS REQUIRED BY LAW, WE UNDERTAKE NO OBLIGATION TO UPDATE
OR REVISE ANY FORWARD-LOOKING STATEMENT AS A RESULT OF NEW
INFORMATION, FUTURE EVENTS OR OTHERWISE.
Contact:
Investor Relations
VirnetX Holding Corporation
415.505.0456
ir@virnetx.com
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SOURCE VirnetX Holding Corporation