NEW YORK, Aug. 27, 2020 /PRNewswire/ -- Pareteum
Corporation (Nasdaq: TEUM) a global cloud communications
platform company, announced today that it has received written
notification from the Hearings Panel (the "Panel") of The Nasdaq
Stock Market LLC ("Nasdaq") indicating that the Panel had granted
the request of the Company for an extension to regain compliance
with the Nasdaq's continued listing rules related to bid price,
through December 31, 2020.
As previously disclosed, the Company has not yet filed with the
SEC its Quarterly Report on Form 10-Q for the period ended
September 30, 2019, its Annual Report
on Form 10-K for the year ended December 31,
2019 or its Quarterly Reports on Form 10-Q for the periods
ended March 31, 2020 and June 30, 2020 (collectively, the "Late
Filings").
The Company was unable to timely file the Late Filings due to
its ongoing accounting evaluation and internal investigation into
the source of the accounting errors and the pending restatement of
certain of the Company's previously filed financial
statements. Also as previously disclosed, and stated above,
the Company is not in compliance with the $1.00 per share requirement for continued listing
on The Nasdaq Capital Market, as set forth in Listing Rule
5550(a)(2) (the "Bid Price Rule"). Nasdaq previously provided
the Company with 180 calendar days to regain compliance with the
Bid Price Rule. Subsequently, on April 16,
2020, Nasdaq filed an immediately effective rule change with
the Securities and Exchange Commission. As a result, companies in
bid price compliance periods remained at that same stage of the
process until July 1, 2020.
Upon reinstatement of the Bid Price Rule, the Company had until
August 13, 2020 to regain compliance,
but did not regain compliance with the Bid Price Rule by such date
and the staff of Nasdaq (the "Staff") determined not to afford the
Company a second 180-day period. The Company thereafter
requested an exception until October 30,
2020 to file the two additional delinquent Form 10-Q filings
as well as an exception until December 31,
2020 to cure the Bid Price Rule deficiency.
In the Letter, the Panel stated it was granting the Company an
exception with respect to the Delinquent Filings and the Bid Price
Rule noncompliance, so long as:
- By October 15, 2020, the Company
files the delinquent Form 10-K for 2019 and amends its Form 10-K
for 2018;
- By October 30, 2020, the Company
files the delinquent Form 10-Q periodic filings for the periods
ended March 31, 2020 and June 30, 2020; and
- By December 31, 2020, the Company
regains compliance with the Bide Price Rule.
"We are very pleased and grateful that Nasdaq has granted us an
extension for continued listing. We are taking the necessary steps
to ensure that we regain listing compliance in a timely manner,"
said Bart Weijermars, Interim CEO of Pareteum.
About Pareteum Corporation
Pareteum is an experienced provider of Communications Platform
as a Service solutions. Pareteum empowers enterprises,
communications service providers, early stage innovators,
developers, IoT, and telecommunications infrastructure providers
with the freedom and control to create, deliver and scale
innovative communications experiences. The Pareteum
platform connects people and devices around the world using
the secure, ubiquitous, and highly scalable solution to deliver
data, voice, video, SMS/text messaging, media, and content
enablement. For more information please
visit: www.pareteum.com.
Forward Looking Statements
Certain statements contained herein constitute "forward-looking
statements" as defined by the Private Securities Litigation Reform
Act of 1995. Such statements may include, without limitation,
statements with respect to the Company's plans and objectives,
projections, expectations and intentions. These forward-looking
statements are based on current expectations, estimates and
projections about the Company's industry, management's beliefs and
certain assumptions made by management. Readers are cautioned that
any such forward-looking statements are not guarantees of future
performance and are subject to certain risks, uncertainties and
assumptions that are difficult to predict, including risks arising
from the novel coronavirus (COVID-19) pandemic. We discuss many of
these risks, uncertainties and assumptions in Item 1A under the
heading "Risk Factors" in our Annual Report on Form 10-K for the
year ended December 31, 2018, as
updated by our other filings with the SEC. Because such statements
involve risks and uncertainties, the actual results and performance
of the Company may differ materially from the results expressed or
implied by such forward-looking statements. Given these risks and
uncertainties, readers are cautioned not to place undue reliance on
such forward-looking statements. Unless otherwise required by law,
the Company also disclaims any obligation to update its view of any
such risks or uncertainties or to announce publicly the result of
any revisions to the forward-looking statements made here.
Additional information concerning certain risks and uncertainties
that could cause actual results to differ materially from those
projected or suggested in the Company's filings with the Securities
and Exchange Commission, copies of which are available from the SEC
or may be obtained upon request from the Company.
Media Inquiries
Press@pareteum.com
Pareteum Investor Relations Contacts:
Investor Relations +1 (646) 975-0400
Investor.relations@pareteum.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/pareteum-receives-listing-extension-from-nasdaq-301120040.html
SOURCE Pareteum Corporation