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Share Name | Share Symbol | Market | Type |
---|---|---|---|
FalconStor Software Inc (PK) | USOTC:FALC | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.16 | 10.67% | 1.66 | 1.57 | 1.71 | 1.66 | 1.4825 | 1.4825 | 1,400 | 21:00:03 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report:
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices, including zip code)
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act: None.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. | Other Events. |
On June 28, 2023, FalconStor Software, Inc. (the “Company”) issued a press release (the “Press Release”) announcing its intent to file a Form 15 by July 12, 2023 with the Securities and Exchange Commission to voluntarily deregister its common stock under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company is eligible to deregister its common stock by filing a Form 15 under Section 12(g) of the Exchange Act because it has fewer than 300 shareholders of record. The Company’s obligation to file periodic reports, such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, under Section 13(a) of the Exchange Act will be suspended upon filing the Form 15. The deregistration under Section 12(g) of the Exchange Act is expected to be effective 90 days after filing the Form 15, at which time the Company’s other filing requirements under Section 13(a) of the Exchange Act will terminate.
A copy of the Press Release is filed as Exhibit 99.1 hereto and incorporated herein by reference.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit No. | Description
|
99.1 | Press Release, dated June 28, 2023, of FalconStor Software, Inc.
|
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 28, 2023 | FALCONSTOR SOFTWARE, INC. | ||
By: |
/s/ Vincent Sita | ||
Name: | Vincent Sita | ||
Title: | Chief Financial Officer |
2
Exhibit Index
Exhibit No. | Description
|
99.1 | Press Release, dated June 28, 2023, of FalconStor Software, Inc.
|
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
3
For more information, contact:
FalconStor Software, Inc.
Vincent Sita
Chief Financial Officer
vincent.sita@falconstor.com
FalconStor Software Announces its intention to voluntarily deregister under Section 12(g) of the SEC
AUSTIN, TEXAS (June 28, 2023) - FalconStor Software, Inc. (OTCQB: FALC) (the “Company” or “FalconStor”), a trusted data protection leader modernizing disaster recovery and backup for the hybrid cloud world, today announced to voluntarily deregister under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As such, the Company intends to file a Form 15 by July 12th, 2023. Moreover, FalconStor will move from the OTCQB tier to the Pink Current tier, both operated by the OTC Market Group Inc. (“OTC”).
The Board of Directors of the Company (the “Board”) believes that the decision to deregister and suspend its reporting obligations under the Exchange Act as well as moving to a lower OTC tier is in the best interest of the Company and its shareholders. The Board has determined that the burdens associated with operating as a registered public company outweigh any advantages to the Company and its stockholders at this time. The Board carefully reviewed many factors, including the significant cost savings of no longer preparing and filing periodic reports with the Securities and Exchange Commission, and the reduction of significant legal, audit and other costs associated with being a reporting company.
The Company will continue to provide sufficient information to its shareholders in order to continue enabling a trading market for its common stock within the OTC Pink Current trading market. Once the Company is deregistered, the Board believes that the Company will refocus its financial and management resources towards growing its current business opportunities.
About FalconStor Software
FalconStor is the trusted data protection software leader modernizing disaster recovery and backup operations for the hybrid cloud world. The Company enables enterprise customers and managed service providers to secure, migrate, and protect their data while reducing data storage and long-term retention costs by up to 95%. More than 1,000 organizations and managed service providers worldwide standardize on FalconStor as the foundation for their cloud first data protection future. Our products are offered through and supported by a worldwide network of leading managed service providers, systems integrators, resellers, and original equipment manufacturers.
# # #
FalconStor and FalconStor Software are trademarks or registered trademarks of FalconStor Software, Inc., in the U.S. and other countries. All other company and product names contained herein may be trademarks of their respective holders.
Links to websites or pages controlled by parties other than FalconStor are provided for the reader's convenience and information only. FalconStor does not incorporate into this release the information found at those links nor does FalconStor represent or warrant that any information found at those links is complete or accurate. Use of information obtained by following these links is at the reader's own risk.
CONTACT INFORMATION
For more information, contact:
Vincent Sita
Chief Financial Officer FalconStor Software Inc.
investorrelations@falconstor.com
CONTACT US AROUND THE GLOBE
Corporate Headquarters | Europe Headquarters | |
501 Congress Avenue | GERMANY | |
Suite 150 | Landsberger Straße 302 | |
Austin, Texas 78701 | 80687 München, Germany | |
Tel: +1.631.777.5188 | salesemea@falconstor.com | |
salesinfo@falconstor.com |
Cover |
Jun. 28, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jun. 28, 2023 |
Entity File Number | 000-23970 |
Entity Registrant Name | FALCONSTOR SOFTWARE, INC. |
Entity Central Index Key | 0000922521 |
Entity Tax Identification Number | 77-0216135 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 701 Brazos Street |
Entity Address, Address Line Two | Suite 400 |
Entity Address, City or Town | Austin |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 78701 |
City Area Code | 631 |
Local Phone Number | 777-5188 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
1 Year FalconStor Software (PK) Chart |
1 Month FalconStor Software (PK) Chart |
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