IronNet Announces Receipt of Continued Listing Standard Notice from NYSE
31 Oktober 2022 - 09:15PM
Business Wire
IronNet, Inc. (NYSE: IRNT) (“IronNet”) announced today that on
October 25, 2022 it received written notice from the New York Stock
Exchange (“NYSE”) that the Company is not in compliance with the
continued listing standards set forth in Rule 802.01C of the NYSE
Listed Company Manual that requires listed companies to maintain an
average closing share price of at least $1.00 over a consecutive 30
trading-day period (the “Notice”). The NYSE rules require the
Company to notify the NYSE, within 10 business days of receipt of
the Notice, of its intent to cure this deficiency. The Company has
six months following the receipt of the Notice to cure the
deficiency and regain compliance. The Company’s common stock will
continue to be listed and trade on the NYSE during this period,
subject to the Company’s compliance with other NYSE continued
listing standards.
IronNet can regain compliance at any time during the six-month
cure period if, on the last trading day of any calendar month
during the cure period, its common stock has a closing price of at
least $1.00 and an average closing price of at least $1.00 over the
30 consecutive trading-day period ending on the last trading day of
that month. The Company will closely monitor the closing share
price of its common stock and is considering all available options
and intends to regain compliance with the NYSE listing standards by
pursuing measures that are in the best interests of the Company and
its shareholders.
During this period, the Company’s common stock will continue to
be listed and traded on the NYSE under its existing ticker symbol,
with the addition of a suffix indicating the “below compliance”
status of its common stock, as “IRNT.BC.” The Notice does not
affect the Company’s business operations, or its Securities and
Exchange Commission reporting requirements, and does not conflict
with or trigger any violation under the Company’s material equity
and debt financing agreements.
About IronNet
Founded in 2014 by GEN (Ret.) Keith Alexander, IronNet, Inc.
(NYSE: “IRNT”) is a global cybersecurity leader that is
transforming how organizations secure their networks by delivering
the first-ever Collective Defense platform operating at scale.
Employing a number of former NSA cybersecurity operators with
offensive and defensive cyber experience, IronNet integrates deep
tradecraft knowledge into its industry-leading products to solve
the most challenging cyber problems facing the world today. For
more information, visit www.ironnet.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995, including,
without limitation, statements regarding IronNet’s ability to
provide visibility and detection of malicious behaviors and to help
defend against increased cyber threats facing the globe. When used
in this press release, the words “estimates,” “projected,”
“expects,” “anticipates,” “forecasts,” “plans,” “intends,”
“believes,” “seeks,” “may,” “will,” “should,” “future,” “propose”
and variations of these words or similar expressions (or the
negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions, or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside IronNet’s management’s control, that could cause
actual results or outcomes to differ materially from those
discussed in the forward-looking statements. Important factors,
among others, that may affect actual results or outcomes include:
IronNet’s inability to recognize the anticipated benefits of
collaborations with IronNet’s partners and customers; IronNet’s
ability to execute on its plans to develop and market new products
and the timing of these development programs; the rate and degree
of market acceptance of IronNet’s products; the success of other
competing technologies that may become available; IronNet’s ability
to identify and integrate acquisitions; the performance of
IronNet’s products; potential litigation involving IronNet; and
general economic and market conditions impacting demand for
IronNet’s products. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described under the heading “Risk
Factors” in IronNet’s Annual Report on Form 10-K for the year ended
January 31, 2022, filed with the Securities and Exchange Commission
(the “SEC”) on May 2, 2022, IronNet’s most recent Quarterly Report
on Form 10-Q for the quarter ended July 31, 2022, filed with the
SEC on September 14, 2022, and other documents that IronNet files
with the SEC from time to time. These filings identify and address
other important risks and uncertainties that could cause actual
events and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and IronNet does not
undertake any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
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IronNet: IronNet Investor Contact: Nancy Fazioli -
IR@ironnet.com IronNet Media Contact: Bridget Bell -
Media@ironnet.com
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