HERZLIYA, Israel, Nov. 5, 2019 /PRNewswire/ -- Safe-T® Group Ltd. (SFET) (TASE: SFET), a provider of Secure Access solutions for on-premise and hybrid cloud environments, today announced that Nasdaq has determined that the Company has regained compliance with its minimum bid price requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules. The Nasdaq determination is based on the closing bid price of the Company's American Depositary Shares ("ADS") being at $1.00 per share or greater for at least ten consecutive business days.
As previously reported, on October 11, 2019, the Company received a written notice (the "Notice") from the Nasdaq Stock Market LLC indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2), as the Company's closing bid price for its ADS was below $1.00 per share for the 30 consecutive business days prior to the Notice, between August 29, 2019 and October 10, 2019.
On November 4, 2019, Safe-T Group received a notification letter from Nasdaq, determining that for the ten consecutive business days, being from October 21 through November 1, 2019, the closing bid price of the Company's ADS has been at $1.00 per ADS or greater, therefore the Company has regained compliance with the Minimum Bid Price Requirement, and the matter is now closed.
About Safe-T® Group Ltd.
Safe-T Group Ltd. (NADSAQ, TASE: SFET) is a provider of Zero Trust Access solutions which mitigate attacks on enterprises' business-critical services and sensitive data, while ensuring uninterrupted business continuity.
Safe-T Group's cloud and on-premises solutions ensure that an organization's access use cases, whether into the organization or from the organization out to the internet, are secured according to the "validate first, access later" philosophy of Zero Trust. This means that no one is trusted by default from inside or outside the network, and verification is required from everyone trying to gain access to resources on the network or in the cloud.
Safe-T Group's wide range of access solutions reduce organizations' attack surface and improve their ability to defend against modern cyberthreats. As an additional layer of security, our integrated business-grade global proxy solution cloud service enables smooth and efficient traffic flow, interruption-free service, unlimited concurrent connections, instant scaling and simple integration with our services.
With Safe-T Group's patented reverse-access technology and proprietary routing technology, organizations of all size and type can secure their data, services and networks against internal and external threats.
At Safe-T Group, we empower enterprises to safely migrate to the cloud and enable digital transformation.
Safe-T Group's SDP solution on AWS Marketplace is available here
For more information about Safe-T Group, visit www.safe-t.com
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Safe-T is using forward-looking statements in this press release when it discusses maintaining compliance with Nasdaq's continued listing requirements. Because such statements deal with future events and are based on Safe-T's current expectations, they are subject to various risks and uncertainties, are not guarantees of results and should not be considered as an indication of future activity or future performance. Actual results, performance or achievements of Safe-T could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Safe-T's annual report on Form 20-F filed with the Securities and Exchange Commission ("SEC") on March 26, 2019, and in any subsequent filings with the SEC. Except as otherwise required by law, Safe-T undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
Shai Avnit, CFO
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