The stock price of Cyren Ltd (NASDAQ: CRYN) soared over 30% in pre-market trading – Investors are reacting well to the 180-day compliance extension granted by the Listing Qualification Department of The NASDAQ Capital Market.
Over the past few years, Cyren’s stock has been depreciating. The internet security technology company has been in a bearish grip for some time, with share prices decreasing exponentially. Today, investors have jumped on board with the threatened stock, thanks to a successful request for a 180-day extension to meet Nasdaq’s minimum bid price requirement.
From today, the company has until April 4, 2022, to meet the minimum ordinary share price of $1.00, for 10 consecutive trading days. If so, Cyren will regain complete compliance and will continue trading as normal.
Although the market reacted positively to the news, it’s still very much uncertain whether Cyren will have the long-term momentum to reverse such a strong trend, with the current premarket price around $0.61, they have a fair amount of ground to cover. With this in mind, Cyren might be on the track to a reverse stock split if things don’t go their way in the next 180 days.
So, in summary, whilst a 30% gain may be somewhat reassuring – Cyren’s stock price hasn’t hit above the $1 mark since mid-February. It’s impossible to say what is round the corner for Cyren, but it needs to be impressive to avoid delisting.
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