CCUR Holdings, Inc. Receives NASDAQ Listing Extension; Approves Share Repurchase Program
05 Marzo 2018 - 6:00AM
CCUR Holdings, Inc. (NASDAQ:CCUR) (the “Company”) announced
today that it received an extension for continued listing on The
Nasdaq Stock Market through May 15, 2018 to demonstrate to the
Nasdaq that the Company is not a “public shell” and therefor its
continued listing is warranted. During the extension, the
Company’s common stock will continue to be traded on the
NASDAQ. While the Company continues to evaluate options to
maximize the value of its remaining assets, including identifying
potential opportunities to invest in or acquire one or more
operating businesses that could provide opportunities for
appreciation in value, there can be no assurance that the Company
will be able to demonstrate to the Nasdaq within the 90-day period
that it is not a “public shell.” Therefore, the Company’s common
stock may be delisted at the end of the 90-day extension.
The Company also announced today that its Board
of Directors approved a stock repurchase program that will enable
the Company to repurchase up to one million shares of its common
stock. Repurchases will be made at the discretion of management
through open market or privately negotiated transactions or any
combination of the same. The extent to which the Company
repurchases its shares, and the timing of such repurchases, will
depend upon a variety of factors, including market conditions,
regulatory requirements and other corporate considerations, as
determined by the Company’s management team. Open market
purchases may be made pursuant to trading plans subject to the
restrictions and protections of Rule 10b5-1 and/or Rule 10b-18 of
the Securities Exchange Act of 1934, as amended. The stock
repurchase program will be financed through use of the Company’s
cash and cash equivalents and will continue indefinitely until the
authorized number of shares have been repurchased or the program is
suspended or terminated by the Board of Directors. In its
most recently filed Form 10-Q, the Company reported $57.5
million in cash and cash equivalents as of December 31, 2017 and
9,880,038 in outstanding common shares as of February 9, 2018.
About CCUR Holdings, Inc.
CCUR Holdings, Inc. (NASDAQ:CCUR) recently
divested its linux and real-time business and its content delivery
and storage business. The Company is in the process of
evaluating opportunities intended to maximize the value of its
remaining assets, which consists primarily of cash and cash
equivalents, short-term investments, sale escrow receivables and
net operating loss carryforwards (“NOLs”). This will include
the evaluation of opportunities to invest in or acquire one or more
operating businesses intended to provide appreciation in value,
thereby enhancing the Company’s liquidity, and potentially allowing
the Company greater ability to utilize existing NOLs.
Forward Looking Statements
Certain statements in this communication and the
documents referenced herein constitute forward-looking statements
within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements are often identified
by words such as “anticipate,” “believe,” “intend,” “estimate,”
“expect,” “see,” “continue,” “could,” “can,” “may,” “will,”
“likely,” “depend,” “should,” “would,” “plan,” “predict,” “target,”
and similar expressions, and may include references to assumptions
and relate to the Company’s future prospects, developments and
business strategies. Except for the historical information
contained herein, the matters discussed in this communication may
contain forward-looking statements that involve risks and
uncertainties that may cause the Company’s actual results to be
materially different from such forward-looking statements and could
materially adversely affect its business, financial condition,
operating results and cash flows. These risks and uncertainties
include any change in or review of the Nasdaq’s decision to grant
the Company an extention from delisting; the Company’s ability to
satisfy the concerns raised by the Nasdaq during the extension
period; the occurrence of any event, change or other circumstances
that could affect the ability of the Company to invest or acquire
an operating business or otherwise maximize the Company’s assets;
the Company’s ability to compete with experienced investors in the
acquisition of one or more businesses; general business conditions;
changes in overall economic conditions; the Company’s ability to
utilize net operating losses to offset cash taxes in the event of
an ownership change as defined by the Internal Revenue Service;
changes in and related uncertainties caused by changes in
applicable tax laws, the Company’s use of cash or cash equivalents
to fund repurchase of its common shares, the current challenging
macroeconomic environment; continuing unevenness of the global
economic recovery; and the availability of debt or equity financing
to support our liquidity needs, as well other risks listed in the
Quarterly Report on Form 10-Q filed on February 14, 2018,
definitive proxy statement filed on November 6, 2017 or the
Company’s Form 10-K filed September 20, 2017 with the Securities
and Exchange Commission and risks and uncertainties not presently
known to the Company or that the Company currently deems
immaterial. The Company wishes to caution you that you should not
place undue reliance on such forward-looking statements, which
speak only as of the date on which they were made. The Company does
not undertake any obligation to update forward-looking statements,
except as required by law.
Investor Relations: Doug Sherk (415)
652-9100dsherk@evcgroup.com
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