Edgio, Inc. Stock Price, News & Analysis

Edgio, a platform for edge security, speed, and simplicity, has announced new security features to enhance API protection and mitigate automated attack risks. The key additions include:

1. JSON Web Token (JWT) authentication for securing API endpoints, allowing authorization at the edge and protecting against broken authentication.

2. Improvements to Advanced Rate Limiting to defend against evolving application DDoS threats, including the ability to track requests over longer periods, incorporate user session and custom identifiers, and offer response-based rate limiting.

These enhancements aim to provide customers with greater control over their defense-in-depth layers, improved API security, and better protection against sophisticated attacks like credential stuffing and application DDoS. Edgio's VP of Product Management, Richard Yew, emphasized the importance of these features in combating the surge in automated threats.

Edgio, Inc. (Nasdaq: EGIO) has voluntarily filed for Chapter 11 bankruptcy to facilitate a sale of its assets and strengthen operations. The company has entered into a stalking horse asset purchase agreement with its primary lender, Lynrock Lake Master Fund LP, which has agreed to acquire assets through a $110 million credit bid. Edgio aims to complete the sale process in approximately 80 days.

The company has secured $15.6 million in debtor-in-possession financing from Lynrock to ensure continuity of operations during the process. Edgio plans to continue delivering its products to over 935 global customers throughout the sale process and Chapter 11 proceedings. The company's key offerings include the Edgio Applications and Security Suite, Edgio Uplynk Platform, and Edgio Delivery network.

Edgio (Nasdaq: EGIO) has received an expected notice from Nasdaq on August 21, 2024, stating the company's non-compliance with Nasdaq Listing Rule 5250(c)(1). This is due to Edgio's failure to file its Q2 2024 Quarterly Report with the SEC. The notice does not immediately affect Edgio's listing on the Nasdaq Capital Market. Edgio must update its compliance action plan to regain compliance. If Nasdaq accepts the plan, Edgio may have until September 30, 2024, to file its Annual Report, Q1 Quarterly Report, and Q2 Quarterly Report to maintain its listing.

BT Group and Edgio have announced a groundbreaking collaboration to integrate the world's first MAUD (Multicast-Assisted Unicast Delivery) enabled Content Delivery Network (CDN). This partnership aims to revolutionize live TV streaming over the internet, offering benefits such as:

• Dedicated delivery for live TV
• Reduced costs
• Higher content quality
• Seamless scalability
• Greener streaming

The collaboration will begin with trials delivering EE TV content on select set-top boxes in the coming months. MAUD technology, unveiled in December 2023, efficiently combines single streams into a shared stream, enhancing viewer experiences and addressing increasing traffic loads. For CDN operators like Edgio, MAUD offers cost savings and instant scalability for large-scale events.

Edgio, a leading platform for edge security, speed, and simplicity, has been recognized as a Leader and Outperformer in the GigaOm Platform Radar 2024 Report. The report evaluates edge development platforms, focusing on compute capabilities and developer experience. Edgio received high marks for its:

• Development platform
• Globally distributed network
• CI/CD integration
• Web security capabilities

The report highlighted Edgio's JavaScript WebAssembly runtime for serverless Edge Functions, support for over 40 API-first Javascript web frameworks, GitOps workflows, and integrated Web Application and API Protection (WAAP) suite. Edgio's ability to deliver edge-native execution environments, serverless functions, and IaaS-based compute instances positioned it in the Innovation/Platform Play quadrant.

Edgio has adopted a Tax Benefits Preservation Plan to protect its significant U.S. federal and state net operating loss carryforwards (NOLs), which total approximately $300 million as of December 31, 2023. This plan aims to mitigate the risk of an ownership change under Section 382 of the Tax Code, which would limit the company's ability to utilize these tax benefits. The plan involves issuing preferred share purchase rights to shareholders, becoming exercisable if any shareholder acquires 4.95% or more of Edgio's outstanding stock. The plan will be submitted for stockholder ratification at the 2024 annual meeting. If approved, the rights will expire on June 30, 2025, or sooner under specific conditions.

Edgio received a notice from Nasdaq on May 16, 2024, indicating non-compliance with Listing Rule 5250(c)(1) due to a delay in filing its Quarterly Report for Q1 2024.

The delay follows the resignation of its previous accounting firm in December 2023, and the subsequent engagement of a new firm in early 2024.

The company has until September 30, 2024, to file the outstanding reports and regain compliance.

Edgio is diligently working to complete and file these reports as soon as possible.

Edgio has announced a partnership with Vercara to enhance web application performance and security. Vercara will leverage Edgio's Protect and Perform Applications Bundles under the UltraEdge™ brand, offering a comprehensive package with predictable pricing and no attack-based fees. The Bundles are available in three tiers: Professional, Enterprise, and Premier, each providing varied features. This collaboration aims to accelerate time to market, improve application performance, and ensure robust security against threats like DDoS attacks and malicious bots. Edgio’s security products, combined with Vercara’s DNS and network security solutions, will provide a holistic web protection platform.

Edgio has been honored with the Web Application Security award from Cyber Defense Magazine, highlighting the importance of managing threat exposure in web applications. The company continues to innovate with the launch of Attack Surface Management (ASM) and Client-Side Protection solutions, positioning itself as a leader in continuous web application threat management.