IronNet Announces Receipt of Notification Letter from NYSE
McLean, VA (December 28, 2022) IronNet, Inc. (NYSE: IRNT) (IronNet) announced today that it received a notice from the New York Stock Exchange (the NYSE) indicating that IronNet is not in compliance with Section 802.01E of the NYSE Listed Company Manual as a result of its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended October 31, 2022 (the Form 10-Q) with the Securities and Exchange Commission (the SEC).
As previously reported by IronNet in its Notification of Late Filing on Form 12b-25, filed with the SEC on December 16, 2022, IronNet was unable to file the Form 10-Q within the prescribed period due to its inability to complete its quarterly financial statements and related disclosures pending a planned investigation by the audit committee of the board of directors in response to allegations by a former employee. The allegations do not relate to IronNets financial statements for the quarter ended October 31, 2022.
The notice has no immediate effect on the listing of IronNets securities on the NYSE. The NYSE informed IronNet that, under NYSE rules, IronNet will have six months from December 20, 2022, or until June 20, 2023, to file the Form 10-Q with the SEC. IronNet can regain compliance with the NYSE listing standards at any time prior to that date by filing Form 10-Q. If IronNet fails to file the Form 10-Q before the NYSEs compliance deadline, the NYSE may grant, at its sole discretion, an extension of up to six additional months for IronNet to regain compliance, depending on the specific circumstances.
Founded in 2014 by GEN (Ret.) Keith Alexander, IronNet, Inc. (NYSE: IRNT) is a global cybersecurity leader that is transforming how organizations secure their networks by delivering the first-ever Collective Defense platform operating at scale. Employing a number of former NSA cybersecurity operators with offensive and defensive cyber experience, IronNet integrates deep tradecraft knowledge into its industry-leading products to solve the most challenging cyber problems facing the world today. For more information, visit www.ironnet.com.
This press release includes forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding IronNets ability to provide visibility and detection of malicious behaviors and to help defend against increased cyber threats facing the globe. When used in this press release, the words estimates, projected, expects, anticipates, forecasts, plans, intends, believes, seeks, may, will, should, future, propose and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside IronNets managements control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: IronNets ability to continue as a going concern; risks and uncertainties associated with a potential filing for relief under the United States Bankruptcy Code; IronNets inability to recognize the anticipated benefits of collaborations with IronNets partners and customers; IronNets ability to execute on its plans to develop and market new products and the timing of these development programs; the rate and degree of market acceptance of IronNets products; the success of other competing technologies that may become available; the performance of IronNets products; potential litigation involving IronNet; and general economic and market conditions impacting demand for IronNets products. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the heading Risk Factors in IronNets Annual Report on Form 10-K for the year ended January 31, 2022, filed with the Securities and Exchange Commission (the SEC) on May 2, 2022, IronNets most recent Quarterly Report on Form 10-Q for the quarter ended July 31, 2022, filed with the SEC on September 14, 2022, and other documents that IronNet files with the SEC from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and IronNet does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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