SCOTTSDALE, AZ - CISO Global, Inc., a management consulting services firm with annual revenue of $54.63 million, is currently facing a potential delisting from The Nasdaq Stock Market LLC for failing to hold an annual shareholder meeting within the required timeframe.
According to InvestingPro data, the company operates with concerning financial metrics, including a weak financial health score and significant debt obligations.
The company, which was formerly known as Cerberus Cyber Sentinel Corp, received a notice from Nasdaq on Monday, indicating non-compliance with listing rules due to not having convened an annual meeting within twelve months following the end of its fiscal year on December 31, 2023.
CISO Global has been given a 45-day period to submit a plan to regain compliance. If the plan is accepted, Nasdaq may grant the company an extension until June 30, 2025, to meet the listing requirements. CISO Global anticipates filing a proxy statement soon and aims to hold its annual meeting in March 2025 to resolve the issue.
The company's stock has experienced significant volatility, with a 98% gain over the past six months despite a recent 29% weekly decline. InvestingPro's Fair Value analysis suggests the stock is currently undervalued.
In a separate but related development, the company announced significant changes to its Board of Directors effective last Tuesday. Phillip Balatsos, Mohsen (Michael) Khorassani, and Andrew Hancox have been appointed as new board members, following an agreement with certain investors dated December 10, 2024. The incoming directors replace Debra Smith, Robert C. Oakes, Reid S. Holbrook, Brett Chugg, and Ernest M. (Kiki) VanDeWeghe, who tendered their resignations.
The appointments and resignations took effect on January 8, 2025, coinciding with the company meeting certain conditions outlined in the Securities Purchase Agreement, including a $4 million gross proceeds milestone. The new directors bring a wealth of experience from various sectors, including finance, business development, and marketing, which CISO Global expects to leverage for future growth.
For deeper insights into CISO Global's financial health and growth prospects, InvestingPro subscribers have access to over 15 additional ProTips and comprehensive financial metrics.
The company's current address is 6900 E. Camelback Road, Suite 900, Scottsdale, Arizona, with a business phone number of 480-389-3444. This report is based on a press release statement filed with the SEC.
In other recent news, CISO Global, a management consulting services firm, has made significant strides in its operations.
The company has regained compliance with Nasdaq's minimum bid price requirement, as per a recent SEC Form 8-K filing. This development marks the resolution of a previous issue and allows for the continued listing and trading of the company on The Nasdaq Capital Market.
In addition to this, CISO Global has reacquired its previously sold subsidiary, vCISO, LLC, in a $1.02 million buy-back deal. This strategic move is aimed at regaining valuable intellectual property assets crucial to the company's service offerings. Despite the company's significant debt-to-equity ratio and financial constraints, this transaction signals a positive development in CISO Global's strategic decisions.
In terms of financial performance, CISO Global has seen an encouraging revenue growth of approximately 35% over the last twelve months, generating $54.6 million in revenue. These are recent developments providing insight into the company's operations and strategic decisions.
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