SCOTTSDALE, AZ - CISO Global, Inc. (NASDAQ:CISO), a management consulting services firm, has regained compliance with the Nasdaq's minimum bid price requirement, according to a recent SEC Form 8-K filing.
The company, formerly known as Cerberus Cyber Sentinel Corp, was previously notified of a deficiency for not meeting the minimum $1.00 bid price per share. Currently trading at $1.97, the company has shown remarkable momentum with a 60% return over the past week, according to InvestingPro data.
As of December 5, 2024, CISO Global's common stock has closed at or above the $1.00 minimum bid price for the last 10 consecutive business days, satisfying the Nasdaq Listing Rule 5550(a)(2).
The company was initially given until December 23, 2024, to regain compliance after receiving the deficiency letter from Nasdaq's listing qualifications staff on June 28, 2024. This recovery is part of a broader upward trend, with the stock showing a 173% gain over the past six months.
The return to compliance marks the end of the matter, with Nasdaq considering the issue resolved. This development is a positive note for the company's continued listing and trading on The Nasdaq Capital Market.
The SEC filing also includes the company's financial statements and exhibits as required. CISO Global, headquartered at 6900 E. Camelback Road, Suite 900, Scottsdale, Arizona, operates under the leadership of Debra L. Smith, the Chief Financial Officer, as per the signature on the SEC document.
With a market capitalization of $16.67 million and revenue growth of 35% in the last twelve months, the company maintains a FAIR financial health score according to InvestingPro, which offers 12 additional investment insights for subscribers. The information in this article is based on a press release statement from the SEC filing.
In other recent news, CISO Global, Inc. has reacquired its previously sold subsidiary, vCISO, LLC, in a $1.02 million buy-back deal. This transaction, which involves an 8% annual interest rate to be paid over the next year, is a strategic move to regain valuable intellectual property assets that are central to the company's service offerings.
The financial obligation is significant for CISO Global, given its debt-to-equity ratio of 4.13 and a current ratio of 0.13, indicating the company operates under considerable financial constraints.
Despite these challenges, CISO Global has achieved a revenue growth of approximately 35% over the last twelve months, generating $54.6 million in revenue. This development comes amidst recent news that the company is currently trading below its Fair Value, according to an analysis by InvestingPro.
The repurchase of vCISO, known for its internally developed intellectual property, aligns with a License-Back and Buy-Back Agreement that was a condition of the initial sale. These are recent developments and part of the ongoing narrative surrounding CISO Global's operations and strategic decisions.
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