SEALSQ receives Nasdaq notification letter regarding minimum bid price shortfall

Geneva, Switzerland, Aug. 7, 2024 (GLOBE NEWSWIRE) — SEALSQ Corp. (NASDAQ: LAES) (“SEALSQ” or the “Company”), a company focused on the development and sale of hardware and software products in the semiconductor, public key infrastructure and post-quantum technology space, today announced that on August 1, 2024, it received a notice (the “Notice”) from The Nasdaq Stock Market, LLC (“Nasdaq”) stating that the Company’s common shares, par value $0.01 per common share (the “Common Shares”), do not meet the minimum offering price requirement of $1.00 for continued listing on Nasdaq under Nasdaq Listing Rule 5550(a)(2) based on the closing offering price of the Company’s common shares for the last 30 consecutive business days prior to the date of the Notice.

Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted an initial compliance period of 180 calendar days or until January 28, 2025 to regain compliance with the minimum offering price requirement. To regain compliance, the closing offering price of the common stock must be at least $1.00 for at least 10 consecutive business days prior to January 28, 2025. If so achieved, Nasdaq will provide written confirmation of compliance and the matter will be closed.

If the Company is unable to regain compliance by January 28, 2025, it may be entitled to an additional 180-day compliance period to demonstrate compliance with the minimum offering price requirement. To qualify, the Company will be required to meet the continuous listing requirement for the market value of the public shares and all other initial listing standards for the Nasdaq Capital Market, except the minimum offering price requirement, and will be required to provide written notice to Nasdaq of its intent to cure the deficiency during the second compliance period, by effecting a reverse stock split if necessary. If the Company does not qualify for the second compliance period or does not regain compliance within the second 180-day calendar period, then Nasdaq will notify the Company that its common stock will be subject to delisting, at which time the Company will have the opportunity to appeal the delisting decision to the Hearing Panel.

The Company intends to monitor the closing price of the offering of common shares and consider available options to resolve any non-compliance with the minimum offering price requirement. Receipt of the Notice will not impact the Company’s operations.

About SEALSQ

SEALSQ focuses on selling integrated solutions based on semiconductors, PKI and provisioning services, while developing hardware and software products of post-quantum technology. Our solutions can be used in various applications, from multi-factor authentication tokens, smart energy, smart home devices, medical and healthcare infrastructure and IT networks, to automotive, industrial automation and control systems.

Post-quantum cryptography (PQC) refers to cryptographic methods that are safe against attack by a quantum computer. As quantum computers become more powerful, they may be able to break many of the cryptographic methods currently used to protect confidential information, such as RSA and elliptic curve cryptography (ECC). The goal of PQC is to develop new cryptographic methods that are safe against quantum attacks. For more information, visit www.sealsq.com.

Forward-looking statements
This communication contains, expressly or implicitly, certain forward-looking statements regarding SEALSQ Corp and its business. Forward-looking statements include statements regarding our business strategy, financial results, operating results, market data, events or developments that we expect or anticipate will occur in the future, and any other statements that are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. These statements involve known and unknown risks and are based on a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied in such forward-looking statements. Important factors that we believe could cause actual results to differ materially from those discussed in the forward-looking statements include the expected success of our technology strategy and solutions for IoMT Security for the medical and healthcare sectors; SEALSQ’s ability to implement its growth strategies; SEALSQ’s ability to continue to successfully transact business with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; and risks discussed in SEALSQ’s filings with the SEC. These risks and uncertainties are further described in SEALSQ’s filings with the SEC.

SEALSQ Corp is providing this communication as of today and does not undertake any obligation to update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise.

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