Cyren announces liquidation

Cyren announced that, in response to its inability to secure additional sources of liquidity or consummate a going concern sale, as previously disclosed, the Board of Directors of the Company approved a plan to cease operations and commence insolvency proceedings for the Company and to liquidate its wholly-owned subsidiaries under applicable insolvency and other laws. The Company intends to commence a voluntary bankruptcy proceeding in Israel by filing an insolvency application with the Tel Aviv District Court. The Company also approved its US subsidiary, Cyren, Inc. commencing a general assignment for the benefit of creditors and the commencement of liquidation proceedings by its subsidiaries in the United Kingdom, Germany and Iceland in accordance with the applicable laws of those jurisdictions. The Company has notified Nasdaq of the foregoing and expects that its ordinary shares will cease trading on Nasdaq upon such date that Nasdaq determines, and that Nasdaq will subsequently file a Form 25 with the United States Securities and Exchange Commission to delist the Company’s ordinary shares. The Company expects to cease reporting as a public reporting company.