InterCloud Systems Receives Letter from NASDAQ
May 27 2016 - 4:01PM
InterCloud Systems, Inc. (the “Company”) (NASDAQ:ICLD), a leading
provider of cloud networking orchestration and automation solutions
and services, today announced that, on May 24, 2016, it received a
written notice (the “Notice”) from the Listing Qualifications
Department of The Nasdaq Stock Market (“NASDAQ”) indicating that
the Company is not in compliance with NASDAQ Listing Rule
5250(c)(1) for continued listing because the Company had not yet
filed its Quarterly Report on Form 10-Q for the fiscal quarter
ended March 31, 2016 (the “2016 10-Q”).
As previously disclosed in the Company’s Notification of Late
Filing on Form 12b-25, filed with the Securities and Exchange
Commission on May 17, 2016, the Company is in the process of
preparing and reviewing the financial information and related
disclosures of the Company with respect to the fiscal quarter ended
March 31, 2016. Furthermore, the Company recently engaged a new
auditor.
The Notice provides that the Company has until June 17, 2016 to
submit a plan to regain compliance with NASDAQ’s continued listing
requirements. The Company currently intends to submit a plan to
regain compliance to NASDAQ on or prior to June 17, 2016 and, if
the plan is accepted, NASDAQ can grant an exception of up to 180
calendar days from the original non-compliance date, or October 11,
2016, for the Company to regain compliance.
About InterCloud Systems, Inc.
InterCloud Systems, Inc. is a cloud computing company which
provides end-to-end information technology (IT) and next-generation
network solutions including Software Defined Networking (SDN) and
Network Function Virtualization (NFV) orchestration to the
telecommunications service provider (carrier) and corporate
enterprise markets through cloud solutions and professional
services. Additional information regarding InterCloud may be found
on InterCloud's website at www.intercloudsys.com.
Forward Looking Statements
Statements in this press release regarding InterCloud that are
not historical facts are forward-looking statements and are subject
to risks and uncertainties that could cause actual future events or
results to differ materially from such statements. Any such
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include all statements that do not
directly or exclusively relate to historical facts. In some cases,
you can identify forward-looking statements by terms such as “may,”
“will,” “should,” “could,” “would,” “expects,” “plans,”
“anticipates,” “believes,” “estimates,” “projects,” “forecasts,”
“predicts,” “potential,” or the negative of those terms, and
similar expressions and comparable terminology. These include, but
are not limited to, statements regarding the estimated timing for
submission of a compliance plan to NASDAQ and the Company’s plans
for regaining compliance with the NASDAQ Listing Rules. Although we
believe that the expectations reflected in these forward-looking
statements are reasonable, these expectations may not be achieved.
Forward-looking statements represent our intentions, plans,
expectations, assumptions and beliefs about future events and are
subject to known and unknown risks, uncertainties and other factors
outside of our control that could cause our actual results,
performance or achievement to differ materially from those
expressed or implied by these forward-looking statements.
CONTACT:
Investor Relations
InterCloud Systems, Inc.
561.988.1988
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