Sify Technologies regains Nasdaq compliance

Sify Technologies has successfully regained compliance with the Nasdaq's minimum bid price requirement. The notification letter from Nasdaq Listing Qualifications Department confirmed that Sify's American Depositary Shares (ADSs) maintained a closing bid price of at least $1.00 for 10 consecutive business days from October 4 to October 17, 2024.

This development comes after the company received a notification from Nasdaq in July 2024 about its non-compliance with the same minimum bid price requirement, as its ADSs had fallen below the $1.00 threshold for 30 consecutive business days. In response, Sify Technologies executed a 1-for-6 ratio change of its ADSs effective October 4, 2024, which seems to have addressed the shortfall.

The restoration of compliance demonstrates the company's ability to adhere to Nasdaq's strict listing standards, which is essential for sustaining investor confidence and ensuring the ongoing trading of its shares on the esteemed exchange.

A multiple-years’ winner of the Institute of Director’s Golden Peacock award for Corporate Governance, Sify Technologies positions itself as a comprehensive ICT service provider with a focus on the evolving requirements of the digital economy.

The company’s infrastructure comprises data centers, MPLS network, partnership with global technology majors and deep expertise in business transformation solutions modelled on the cloud, making it an ideal partner for start-ups, SMEs and even large enterprises on the verge of a revamp.

Sify Technologies, in a statement, said over 10,000 businesses across multiple verticals have taken advantage of their data centers, networks and digital services to help conduct their business from more than 1,700 cities in India. Internationally, India's very own homegrown company has presence across North America, the United Kingdom and Singapore.

Recently, Sify Technologies appointed Padmaja Chunduru as a Director on its Board and C R Srinivasan as the CEO of Sify Digital Services Limited, a fully owned subsidiary. The company, which is transitioning its digital services segment from project-based to annuity-based revenue, commissioned a 6.5-megawatt capacity in Mumbai and added 1,055 fiber nodes to its network.