0001178913-24-000958.txt : 20240315 0001178913-24-000958.hdr.sgml : 20240315 20240315165939 ACCESSION NUMBER: 0001178913-24-000958 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20240315 FILED AS OF DATE: 20240315 DATE AS OF CHANGE: 20240315 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SuperCom Ltd CENTRAL INDEX KEY: 0001291855 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 000000000 STATE OF INCORPORATION: L3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33668 FILM NUMBER: 24755704 BUSINESS ADDRESS: STREET 1: 1 ARIE SHENKAR STREET CITY: HERTZLIYA STATE: L3 ZIP: 4672501 BUSINESS PHONE: 972-9-889-0800 MAIL ADDRESS: STREET 1: 1 ARIE SHENKAR STREET CITY: HERTZLIYA STATE: L3 ZIP: 4672501 FORMER COMPANY: FORMER CONFORMED NAME: Vuance Ltd DATE OF NAME CHANGE: 20101019 FORMER COMPANY: FORMER CONFORMED NAME: Vuance DATE OF NAME CHANGE: 20070508 FORMER COMPANY: FORMER CONFORMED NAME: SuperCom Ltd. DATE OF NAME CHANGE: 20040526 6-K 1 zk2431152.htm 6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
 
 
FORM 6-K
 
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of March 2024

Commission file number: 001-33668
 
 
SUPERCOM LTD.
(Translation of registrant’s name into English)
 

3, Rothschild Street
Tel Aviv 6688106
Israel
 (Address of principal executive office)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒     Form 40-F  ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐
 

SUPERCOM LTD.
 
6-K Items

As previously disclosed, on September 13, 2023, SuperCom Ltd. (the “Company”) received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, based upon the closing bid price of the Company’s ordinary shares, par value NIS 2.5 per share (the “ordinary shares”), for the previous 30 consecutive business days, the Company no longer met the requirement to maintain a minimum bid price of $1 per share (the “Minimum Bid Price Requirement”) and was required to regain compliance with the Minimum Bid Price Requirement by March 11, 2024.

On March 13, 2024, the Company received a letter from Nasdaq notifying the Company that, while the Company has not regained compliance with the with the minimum $1 bid price per share requirement (the “Minimum Bid Price Requirement”), Nasdaq has determined that the Company is eligible for and granted the Company an additional 180 calendar day period, or until September 9, 2024 (the “Second Compliance Period”), to regain compliance. Nasdaq's determination was based on (i) the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement, and (ii) the Company's written notice to Nasdaq of its intention to cure the deficiency during the Second Compliance Period by effecting a reverse stock split, if necessary.

If at any time before September 9, 2024, the closing bid price of the Company’s ordinary shares is at least $1 per share for a minimum of 10 consecutive business days, the Company should be able to regain compliance with the Minimum Bid Price Requirement.

This current notification from Nasdaq has no immediate effect on the listing or trading of the Company’s ordinary shares, which will continue to trade on the Nasdaq Capital Market under the symbol “SPCB”. The Company will continue to actively monitor the closing bid price of its Common Stock and intends to consider all available options to resolve the deficiency and regain compliance within the additional compliance period provided and may, if necessary, implement a reverse stock split of its outstanding securities, to regain compliance with the Minimum Bid Price Requirement. There can be no assurance that the Company will regain compliance with the Minimum Bid Price Requirement during this 180-day extension.

If the Company does not regain compliance within the allotted compliance period, Nasdaq staff will provide notice that the Company’s Common Stock will be subject to delisting. The Company would then be entitled to appeal that determination to a Nasdaq hearings panel.

Statements contained herein relating to the Company or its management’s intentions, hopes, beliefs, expectations or predictions of the future, including, but not limited to, statements relating to the Company’s ability to regain compliance with the Nasdaq continued listing standards constitute forward looking statements. Such forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, risks related to the Company’s ability to regain compliance with the Nasdaq continued listing standards. Additional risks and uncertainties faced by the Company are contained from time to time in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including, but not limited to, the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 20, 2023. The Company disclaims any intention or obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.


Signatures
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
SuperCom Ltd.

By: /s/ Ordan Trabelsi          
Name: Ordan Trabelsi
Title:   Chief Executive Officer

Date: March 15, 2024