NEW
YORK, April 6, 2023 /PRNewswire/ -- Kaleyra,
Inc. (NYSE: KLR) (NYSE American: KLR WS) ("Kaleyra" or the
"Company"), a rapidly growing omnichannel business communications
platform, announced that on April 3,
2023, the Company received a written notice (the "Notice")
from the New York Stock Exchange (the "NYSE") that the Company no
longer satisfies the continued listing standards set forth under
Section 802.01B of the NYSE's Listed
Company Manual because the average market capitalization of the
Company over a consecutive 30 trading-day period was less than
$50 million and, at the same time,
the Company's last reported stockholders' equity was less than
$50 million (the "Market
Capitalization Deficiency"). As of March 31,
2023, the 30 trading-day average market capitalization was
approximately $31.5 million, and its
last reported stockholders' equity was $42.2
million as of December 31,
2022.
In accordance with applicable NYSE procedures, the Company has
45 days from receipt of the Notice to submit a business plan
advising the NYSE of the definitive action(s) the Company has
taken, or is taking, that would bring it into compliance with
continued listing standards within 18 months of receipt of the
Notice. The NYSE will review the plan and, within 45 days of its
receipt, determine whether the Company has made a reasonable
demonstration of an ability to conform to the relevant standards in
the 18-month period. If the NYSE accepts the plan, the Company's
common stock will continue to be listed and traded on the NYSE
during the 18-month period, subject to the Company's compliance
with the other continued listing standards of the NYSE and
continued periodic review by the NYSE of the Company's progress
with respect to its plan.
The Notice has no immediate impact on the listing of the
Company's common stock, which will continue to be listed and traded
on the NYSE during the applicable cure period, subject to the
Company's compliance with the other continued listing requirements
of the NYSE. The Company's common stock will continue to trade on
the NYSE under the symbol "KLR" with the designation of ".BC" to
indicate the status of the shares as "below criteria."
The Notice does not affect the Company's reporting obligations
with the Securities and Exchange Commission, and it does not
conflict with or cause an event of default under any of the
Company's material debt or other agreements.
The NYSE also confirmed in the Notice that the Company has
regained compliance with the average closing price continued
listing criteria. The NYSE previously notified the Company on
November 7, 2022 that it was not in
compliance with the continued listing criteria set forth in Section
802.01C of the NYSE's Listed Company Manual, as the average closing
price of the Company's common stock was less than $1.00 per share over a consecutive 30 trading-day
period. The NYSE confirmed in the Notice that, as of March 31, 2023, the Company's stock price was
above the NYSE's minimum requirement of $1.00 based on a 30 trading-day average.
About Kaleyra
Kaleyra, Inc. (NYSE: KLR) (NYSE American: KLR WS) is a global
group providing mobile communication services to financial
institutions, e-commerce players, OTTs, software companies,
logistic enablers, healthcare providers, retailers, and other large
organizations worldwide.
Through its proprietary platform and robust APIs, Kaleyra
manages multi-channel integrated communication services, consisting
of messaging, rich messaging and instant messaging, video, push
notifications, e-mail, voice services, and chatbots.
Kaleyra's technology makes it possible to safely and securely
manage billions of messages monthly with over 1600 operator
connections in 190+ countries, including all tier-1 US
carriers.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. Such forward-looking
statements include, but are not limited to, statements regarding
the financial statements of Kaleyra, its omnichannel and other
product and global customer developments, its expectations,
beliefs, intentions, plans, prospects or strategies regarding the
future revenue (including revenue guidance) and the business plans
of Kaleyra's management team, and the impact of the COVID-19
pandemic, and any anticipated lessening of such impact, and the
broader market volatility and geopolitical and macroeconomic
factors on its business and financial performance. Any statements
contained herein that are not statements of historical fact may be
deemed to be forward-looking statements. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intends," "may," "might," "plan," "possible," "potential,"
"predict," "project," "should," "would" and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking. The
forward-looking statements contained in this press release are
based on certain assumptions and analyses made by Kaleyra in light
of its experience and perception of historical trends, current
conditions and expected future developments and their potential
effects on Kaleyra as well as other factors they believe are
appropriate in the circumstances. There can be no assurance that
future developments affecting Kaleyra will be those anticipated.
These forward-looking statements involve a number of risks,
uncertainties (some of which are beyond the control of the parties)
or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these
forward-looking statements, including Kaleyra's ability to regain
compliance with the NYSE Listing Company Manual, the mix of
services utilized by Kaleyra's customers and such customers' needs
for these services, including any variability by geography, market
acceptance of new service offerings, the ability of Kaleyra to
expand what it does for existing customers as well as to add new
customers, that Kaleyra will have sufficient capital to operate as
anticipated, and the impact that the novel coronavirus and the
illness, COVID-19, that it causes, as well as governmental
responses to deal with the spread of this illness and the reopening
of economies that have been closed as part of these responses, and
the impact of other geopolitical and macroeconomic factors such as
the war in Ukraine, may have on
Kaleyra's operations, the demand for Kaleyra's products, global
supply chains and economic activity in general. Should one or more
of these risks or uncertainties materialize or should any of the
assumptions being made prove incorrect, actual results may vary in
material respects from those projected in these forward-looking
statements. We undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
Kaleyra Contacts
Marketing Contacts:
Zephrin
Lasker
Executive Vice President, Marketing & Strategic Alliances
zephrin.lasker@kaleyra.com
Lori Perkins
Senior Director – Marketing and Communications
lori.perkins@kaleyra.com
Investor Contacts:
Colin
Gillis
Vice President of Investor Relations
colin.gillis@kaleyra.com
Shannon Devine or Mark Schwalenberg
MZ North America
203-741-8811
KLR@mzgroup.us
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SOURCE Kaleyra US
