Cycurion regains compliance with Nasdaq listing requirements

MCLEAN, Va. - Cybersecurity provider Cycurion, Inc. (NASDAQ:CYCU), whose stock has declined over 97% year-to-date according to InvestingPro data, has regained compliance with multiple Nasdaq listing requirements, according to a company statement released Thursday.

The McLean, Virginia-based firm received formal notification from Nasdaq on August 19 that it now complies with the exchange’s stockholders’ equity requirement, which mandates a minimum of $10 million. Cycurion reported stockholders’ equity of $10,448,853 in its quarterly filing for the period ended June 30. The company currently maintains a market capitalization of approximately $8.7 million, with InvestingPro analysis indicating concerning financial health metrics, including a current ratio of 0.28.

Additionally, on August 20, Nasdaq informed the company that it had satisfied the market value of publicly held shares requirement by maintaining a value of at least $5 million for ten consecutive business days from August 5 to August 18.

These notifications resolve compliance issues that began when Cycurion received a deficiency notice on April 11 for failing to maintain a minimum market value of listed securities of $50 million over 30 consecutive business days.

Cycurion provides IT cybersecurity solutions, program management, and business continuity services through its AI-enhanced ARx platform. The company serves government, healthcare, and corporate clients through its subsidiaries Axxum Technologies, Cloudburst Security, and Cycurion Innovation, Inc. Despite generating revenue of $16.3 million in the last twelve months, the company faces significant operational challenges, with InvestingPro identifying 13 additional key factors affecting its performance.

The information in this article is based on a press release issued by Cycurion.

In other recent news, Cycurion, Inc. has announced several significant developments that may interest investors. The company reported securing new multi-year contracts totaling $69 million, although only a small portion has been converted into revenue due to typical delays and customer-side deferrals. Additionally, Cycurion has authorized 10,000 shares of Series G Convertible Preferred Stock, granting holders voting rights and other legal entitlements. In a strategic move, Cycurion has amended its charter to authorize this new preferred stock series and disclosed the acquisition of a 51% equity stake in SLG Innovation Inc. The transaction involved a combination of cash, stock, and accounts receivable.

Furthermore, Cycurion has secured over $8 million in new cybersecurity contracts, including a notable $6 million deal with a major municipal transportation agency. These contracts are expected to commence billing in the coming months. Meanwhile, IQSTEL Inc. reported achieving preliminary July revenue of approximately $35 million, surpassing its $400 million annualized revenue run rate ahead of schedule. IQSTEL aims to maintain this revenue level to achieve its $340 million full-year revenue goal. These updates reflect ongoing activities and strategic decisions by both companies that could impact their financial performance.

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