ZEPHYR COVE, Nevada, May 15, 2023 – 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.
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, smartphones, 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.
VirnetX Holding Corporation