Business
VirnetX Receives NYSE Failure to Satisfy a Continued Listing Rule Notification
ZEPHYR COVE, Nev., May 15, 2023 /PRNewswire/ -- VirnetX™ Holding Corporation (NYSE: VHC), an Internet security software and technology company, today
About this update from Virnetx Holding Corp
[{"type":"text","content":"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.\nUnder 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.\nThe 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.\nAbout VirnetX\nVirnetX 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....