Brief: Cyren Board Approves Plan To Cease Operations, Commence Insolvency Proceedings

Cyren

22/02/2023 14:42

Feb 22 (Reuters) - Cyren Ltd  CYRN.O :
    * CYREN LTD -  BOARD APPROVED PLAN TO CEASE OPERATIONS,
COMMENCE
INSOLVENCY PROCEEDINGS FOR CO & TO LIQUIDATE ITS WHOLLY-OWNED
UNITS
    * CYREN LTD - INTENDS TO COMMENCE A VOLUNTARY BANKRUPTCY
PROCEEDING IN ISRAEL BY FILING AN INSOLVENCY APPLICATION WITH
TEL AVIV DISTRICT COURT
    * CYREN LTD - COMPANY EXPECTS TO CEASE REPORTING AS A PUBLIC
REPORTING COMPANY
    * CYREN LTD - COMPANY ALSO APPROVED ITS U.S. SUBSIDIARY,
CYREN,
INC. COMMENCING A GENERAL ASSIGNMENT FOR THE BENEFIT OF
CREDITORS
    * CYREN LTD - COMPANY ALSO APPROVED COMMENCEMENT OF
LIQUIDATION
PROCEEDINGS BY UNITS IN UK, GERMANY AND ICELAND
    * CYREN LTD -  EACH OF CO'S DIRECTORS WILL CEASE TO BE
DIRECTORS
OF CO EFFECTIVE AS OF DATE OF APPOINTMENT BY ISRAELI COURT OF A
LIQUIDATING TRUSTEE
    * CYREN LTD -  ON FEB 20, BOARD TERMINATED BRETT JACKSON,
CEO,
JEFFREY DAUER, CFO & BRIAN DUNN, GENERAL COUNSEL WITHOUT CAUSE

Further company coverage:  CYRN.O 
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