Xura Receives Notice from Nasdaq
WAKEFIELD, Mass., May 11, 2016 – Xura, Inc. (“Xura”) (NASDAQ:MESG) received a notification letter from The Nasdaq Stock Market on May 5, 2016 that it is not in compliance with Nasdaq Listing Rule 5250(c)(1) because the company did not timely file its Annual Report on Form 10-K for the fiscal year ended January 31, 2016 (“Form 10-K”) with the Securities and Exchange Commission.
As previously reported, the company was unable to complete and file the Form 10-K timely due to delays resulting from the company’s ongoing review of accounting matters relating to income taxes and evaluation of the implications on its controls. The company’s management and the company’s financial reporting, accounting and tax personnel are also engaged in ongoing exclusive negotiations for the potential sale of the company at a purchase price of $25 per share. As of the date hereof, the company has not entered into any agreement in principle or any other definitive agreement to sell the company and there can be no assurance that such negotiations will ultimately result in a transaction.
The Nasdaq letter provides that the company has until July 5, 2016 to submit a plan to regain compliance. The company is working diligently to complete the work necessary to file the Form 10-K and intends to file such report as soon as practicable.
About Xura, Inc.
Xura offers a portfolio of digital services solutions that enable global communications across a variety of mobile devices and platforms. We help communication service providers (“CSPs”) and enterprises navigate and monetize the digital ecosystem to create innovative, new experiences through our cloud-based offerings. Our solutions touch more than three billion end points, through 350+ service providers and enterprises in 140+ countries. You can find us at www.Xura.com.