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Kaleyra, Inc. (NYSE: KLR) has received a notice from the NYSE indicating that it no longer meets the continued listing standards due to a market capitalization deficiency. As of March 31, 2023, Kaleyra's average market capitalization was approximately $31.5 million, below the $50 million requirement, and its stockholders' equity was $42.2 million as of December 31, 2022. The company has 45 days to submit a business plan to rectify this issue and has 18 months to comply. Despite this, the company's stock will continue to trade on the NYSE during the compliance period under the symbol 'KLR' with the indication '.BC'. The NYSE also confirmed that Kaleyra has regained compliance with the average closing price requirement. Kaleyra provides global mobile communication services and manages billions of messages monthly through its advanced platform.
On April 3, 2023, Kaleyra, Inc. (NYSE: KLR) received a notice from the NYSE indicating it no longer meets continued listing requirements due to an average market capitalization below $50 million and stockholders' equity of $42.2 million as of December 31, 2022. The average market capitalization was approximately $31.5 million over the last 30 trading days. Kaleyra has 45 days to submit a plan to regain compliance, which the NYSE will review. Despite this notice, the company's stock will remain listed and traded on the NYSE during the cure period, carrying the designation of '.BC' for non-compliance. Importantly, the NYSE confirmed that Kaleyra has regained compliance with the average closing price requirement, as its stock price exceeded the $1.00 minimum threshold as of March 31, 2023.
Kaleyra, Inc. (NYSE: KLR, NYSE American: KLR WS) has launched Kaleyra Video, an audio-video calling solution leveraging WebRTC technology, in the United States as of April 4, 2023. This expansion taps into a market that accounts for over 40% of global WebRTC usage, coinciding with a growing demand for real-time communication among American consumers. Currently, 38% of Americans utilize telehealth services, prompting Kaleyra to finalize HIPAA compliance. The video solution offers seamless integration, branding customization, and collaborative features. Kaleyra aims to enhance its omnichannel offerings and better serve U.S. clients amid rising telehealth usage.
Kaleyra, Inc. (NYSE: KLR) announced the launch of Kaleyra Video, an audio-video calling solution based on WebRTC technology, in the U.S. market on April 4, 2023. This expansion aims to meet growing consumer expectations for real-time communication, with the U.S. holding over 40% of the global WebRTC market share. Kaleyra Video offers a customizable white-label solution and integrated collaborative tools, catering to various sectors, including healthcare. The company is also completing HIPAA compliance to enhance its service offerings.
Kaleyra, Inc. (NYSE: KLR) has announced the election of Valeria Magoni, Senior Director of Product and Corporate Marketing, as a Global Board Member of the Mobile Ecosystem Forum (MEF) on March 21, 2023. Valeria's extensive experience in mobile and technology sectors positions her to significantly influence MEF’s strategic agenda. Her role will involve driving innovation within the mobile industry and enhancing collaboration among stakeholders. The MEF Board consists of industry leaders, with Magoni being one of six new members serving a two-year term. Kaleyra specializes in omnichannel business communications and operates globally.
Kaleyra, Inc. (NYSE: KLR, KLR WS) has announced the effective date of a 1-for-3.5 reverse stock split of its common stock, starting March 9, 2023, at 12:01 am ET. This move follows shareholder approval on February 14, 2023. The reverse stock split will convert every 3.5 shares into one share, with no fractional shares issued. The total number of authorized shares and par values remain unchanged. Following the split, existing warrants will adjust to approximately 1,554,475 shares at an exercise price of $40.25. More details can be found in the definitive proxy statement available on their website and the SEC's site.