RA'ANANA, Israel, May 24, 2021 /PRNewswire/ -- Mer
Telemanagement Solutions Ltd. (MTS) (Nasdaq Capital Market:
MTSL), a global provider of telecommunications expense
management (TEM), call accounting and contact center software,
announced that it received today a letter from the Listing
Qualifications staff of The Nasdaq Stock Market ("Nasdaq")
notifying the Company that it is no longer in compliance with the
minimum stockholders' equity requirement for continued listing on
the Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires
listed companies to maintain stockholders' equity of at least
$2,500,000. Further, the Company did
not meet the alternative compliance standards relating to the
market value of listed securities or net income from continuing
operations, as set forth in Nasdaq Marketplace Rule 5550(b)(1). In
accordance with Nasdaq Marketplace Rule 5810(c)(2)(A), the Company
has 45 calendar days, or until July 8, 2021, to submit a plan to
regain compliance. If the plan is accepted, Nasdaq can grant an
extension of up to 180 calendar days from the date of the letter to
evidence compliance. The notification letter has no immediate
effect on the Company's listing on the Nasdaq Capital Market.
As previously reported on April 15,
2021 the Company entered into a definitive Agreement
and Plan of Merger with SharpLink, Inc., a company incorporated
under the laws of the State of
Minnesota and a leading online technology company that works
with sports leagues, fantasy sports sites and media companies to
connect fans to relevant and timely betting content sourced from
its sportsbook partners. The Company believes that following the
closing of the merger it will be in compliance with the requisite
Nasdaq listing requirements.
About MTS
Mer Telemanagement Solutions Ltd. (MTS) is focused on innovative
products and services for enterprises in the area of telecom
expense management (TEM), call accounting and contact center
software. Headquartered in Israel,
MTS markets its solutions through wholly-owned subsidiaries in
Israel, the U.S. and Hong Kong, as well as through distribution
channels. For more information please visit the MTS web site:
www.mtsint.com.
Certain matters discussed in this news release are
forward-looking statements that involve a number of risks and
uncertainties including, but not limited to, the Company's ability
to achieve profitable operations, its ability to
continue to operate as a going concern, its ability to continue to
meet NASDAQ continued listing requirements, the impact of COVID-19
on the Company and its customers, customer acceptance of new
products, the impact of competitive products and pricing, market
acceptance, the lengthy sales cycle, proprietary rights of the
Company and its competitors, risk of operations in Israel, general economic conditions and other
risk factors detailed in the Company's annual report and other
filings with the United States Securities and Exchange
Commission.
Contact:
Ofira
Bar, CFO
Tel: +972-9-7777-540
View original
content:http://www.prnewswire.com/news-releases/mts-announces-receipt-of-notice-of-deficiency-with-nasdaq-continued-listing-requirement-301298120.html
SOURCE Mer Telemanagement Solutions Ltd. (MTS)
