HUB Cyber Security Faces Nasdaq Non-compliance Notification
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HUB Cyber Security Faces Nasdaq Non-compliance Notification
HUB Cyber Security Ltd (Nasdaq: HUBC), a leading developer of cybersecurity solutions and services, has received a notification from the Listing Qualifications department of The Nasdaq Stock Market LLC. This notice, issued on August 23, indicates that the company is currently not in compliance with the Nasdaq Listing Rule 5450(b)(3), which pertains to the Total Assets and Total Revenue Requirement.
Understanding the Non-compliance Notification
The notification highlights that HUB Cyber Security's total assets and total revenue for the most recently completed fiscal year, as well as two of the last three fiscal years, were below the minimum threshold of $50 million required for continued listing on the Nasdaq Global Market. This situation has prompted the company to take immediate action to address these compliance issues.
Impact on Trading and Next Steps
Despite the notification, it is important to note that this has no immediate effect on the trading of the company’s ordinary shares. HUB Cyber Security's shares will continue to be traded under the symbol “HUBC” as usual. However, in accordance with Nasdaq rules, the company is required to submit a Compliance Plan within 45 calendar days, by October 7, to demonstrate how it plans to regain compliance with the listing criteria.
Future Considerations
If Nasdaq accepts the Compliance Plan, the company may receive an extension of up to 180 days to meet the listing requirements. This extension could allow HUB to regain its compliance status by February 19 of the following year. In the event that the Compliance Plan is not accepted, HUB Cyber Security may face the risk of delisting, at which point they would have the option to request a hearing before the Nasdaq Hearings Panel to appeal the decision.
Regaining Compliance
HUB is currently weighing its options to regain compliance with Nasdaq's continued listing standards. This involves assessing its current financial position and exploring strategies to boost its total assets and revenue. The company is focused on leveraging its core competencies in cybersecurity to enhance operational performance and drive revenue growth.
About HUB Cyber Security
Established in 2017 by veterans from elite intelligence units, HUB Cyber Security specializes in unique cybersecurity solutions that protect sensitive information for both commercial enterprises and government bodies. With a presence in over 30 countries, the company is known for its advanced encrypted computing solutions and a comprehensive range of cybersecurity services designed to thwart data breaches and enhance user safety in digital environments.
Frequently Asked Questions
What is the main issue HUB Cyber Security is facing?
HUB Cyber Security has been notified by Nasdaq that it is not in compliance with the minimum total assets and total revenue requirements needed for continued listing.
What is the threshold for total assets and revenue for Nasdaq compliance?
The minimum requirement for continued listing on Nasdaq is a total of $50 million in total assets and revenue for the most recently completed fiscal year and two of the last three fiscal years.
How long does HUB Cyber Security have to respond to Nasdaq?
HUB has 45 calendar days from the notification date, specifically until October 7, to submit a Compliance Plan to Nasdaq.
What happens if HUB's Compliance Plan is not accepted?
If the Compliance Plan is rejected, the company may be subject to delisting, and it can then request a hearing before the Nasdaq Hearings Panel.
How does HUB Cyber Security plan to regain compliance?
HUB is exploring various strategies aimed at increasing its total assets and revenue, focusing on its strengths in the cybersecurity industry.
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