GENEVA - SEALSQ Corp (NASDAQ:LAES), a developer of semiconductor and post-quantum technology products, has regained compliance with Nasdaq's minimum bid price requirement. The company's ordinary shares maintained a closing bid price of at least $1.00 for 10 consecutive business days, as per Nasdaq Listing Rule 5550(a)(2). This streak occurred from December 11 to December 24, 2024, ahead of the January 28, 2025 deadline set by Nasdaq following an initial notice on August 1, 2024. The stock has shown remarkable momentum, surging over 170% in the past week alone, according to InvestingPro data.
Nasdaq Listing Qualifications Staff confirmed the compliance status, closing the matter. SEALSQ specializes in quantum-resistant cryptographic technologies, addressing security risks posed by advancements in quantum computing. The company's products aim to protect sensitive data in various sectors, including healthcare, defense, and industrial automation, by integrating post-quantum cryptography into its semiconductor solutions. With a market capitalization of $165 million and a strong current ratio of 3.58, InvestingPro analysis indicates the company maintains healthy liquidity despite operating in a capital-intensive sector.
The company's statement also included forward-looking projections about its business strategy, market position, and the potential growth of the quantum computing market. However, these statements are based on current assumptions and are subject to risks and uncertainties that could affect actual results.
The information in this article is based on a press release statement from SEALSQ Corp.
In other recent news, SEALSQ Corp is set to raise $25 million through a securities purchase agreement, issuing ordinary shares to several institutional investors. The funds are earmarked for the development and deployment of SEALSQ's next-generation post-quantum semiconductor technology and ASIC capabilities, particularly within the United States. Maxim Group LLC serves as the sole placement agent for the transaction.
SEALSQ Corp has announced advancements in developing custom application-specific integrated circuits (ASICs) across markets such as India, Spain, and Saudi Arabia. The company has also launched the INeS Box, a product designed to enhance digital identity provisioning for connected devices. Additionally, SEALSQ Corp and WISeKey International Holding Ltd have enhanced their strategic collaboration, focusing on advancements in post-quantum technology and the Internet of Things (IoT).
The company's first half of 2024 financial results showed revenues of $4.8 million, a decrease from the previous year. However, the company maintains expectations for revenue growth in the second half of 2024 and 2025, supported by a $71 million pipeline for legacy products. Maxim Group revised SEALSQ Corp's revenue estimates for 2024 and 2025 to $12.5 million and $24.2 million, respectively, while adjusting the company's price target from $2.25 to $1.75, but maintaining a Buy rating on the stock.
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