VirnetX Receives NYSE Failure To Satisfy A Continued Listing Rule Notification

VirnetX™ Holding Corporation (NYSE:VHC), an Internet security software and technology company, today announced that on May 12, 2023, it received a notice from the New York Stock Exchange (the "NYSE") that the Company's common stock is not in compliance with Rule 802.01C of the NYSE's Listed Company Manual ("Rule 802.01C") relating to the minimum average closing price of the Company's common stock required over a consecutive 30 trading-day period.  The NYSE notification does not affect the Company's business operations or its Securities and Exchange Commission reporting requirements.

Under the NYSE standards, the Company can regain compliance with Rule 802.01C if, during the six-month period following receipt of the NYSE notice, on the last trading-day of any calendar month, the Company's common stock has (i) a closing price per share of at least $1.00 and (ii) a 30 trading-day average closing share price of at least $1.00.

The Company intends to cure the price deficiency and return to compliance with Rule 802.01C within the applicable cure period.  As required by the NYSE, the Company will notify the NYSE of its intent to cure, which may include, if necessary, effecting a reverse stock split, subject to approval by the board of directors and stockholders of the Company.  The Company is already undertaking business initiatives and other actions that it believes will increase stockholder value and drive share price increases.  During this period, the Company's common stock will continue to be traded on the NYSE, subject to compliance with other continued NYSE listing requirements.