ATLANTA, March 26, 2018 (GLOBE NEWSWIRE) -- CCUR Holdings, Inc. (NASDAQ:CCUR) announced today that its common stock will be suspended from trading on The Nasdaq Stock Market effective as of the open of business on Tuesday, March 27, 2018. As previously announced, the Company received a Nasdaq Staff Determination Letter (the “Staff Determination”) on January 4, 2018 stating that the Nasdaq Staff had determined that the Company was a “public shell” under applicable Nasdaq criteria and thus delisting of its stock was warranted.
The Company appealed the Staff Determination and obtained additional time for continued listing subject to its ability to satisfy the Nasdaq that it was not a “public shell” and that its continued listing was warranted. On March 21, 2018, the Company informed the Nasdaq that the Company was unlikely to be able to demonstrate compliance with the Nasdaq listing criteria within the prescribed timeframe, and on March 23, 2018, the Nasdaq notified the Company of its decision to suspend the Company’s trading and take necessary actions to delist the Company’s stock.
The Company expects that its stock will begin trading on the OTCQB Market on March 27, 2018. The board of directors of the Company and its investment committee will continue to evaluate options to maximize the value of the Company’s assets, including opportunities to invest in or acquire one or more operating businesses that provide opportunities for appreciation in value.
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.
