NEW YORK, Aug. 19, 2020 /PRNewswire/ -- Pareteum
Corporation (Nasdaq: TEUM), a global cloud communications
platform company, announced that on August
14, 2020, Pareteum Corporation (the "Company") received a
letter from the Listing Qualifications Staff of The Nasdaq Stock
Market LLC ("Nasdaq") indicating that the bid price of its listed
security had not regained compliance with the $1 per share requirement for continued listing on
The Nasdaq Capital Market, as set forth in Listing Rule
5550(a)(2) (the "Rule"). In accordance with Listing Rule
5810(c)(3)(A), the Company was previously provided 180 calendar
days to regain compliance with the 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. Accordingly, since the
Company had 44 calendar days remaining in its bid price compliance
period as of April 16, 2020, upon
reinstatement of the Rule, the Company was provided 44 calendar
days from July 1, 2020, or until
August 13, 2020, to regain
compliance.
The Company has not regained compliance with the Rule and the
Staff determined not to afford the Company a second 180-day period.
Specifically, the Staff noted that they do not believe it is
possible for the Company to cure the deficiency, and that the
Company has not evidenced $5,000,000
in stockholders' equity in a recent public filing. In that regard,
the Company is under a Panel exception dated July 6, 2020, which requires the Company to file
all of its delinquent periodic reports by October 30, 2020. Given that the Company did not
timely file its Form 10-Q for the period ended June 30, 2020, on August
12, 2020, the Staff also advised the Company that the late
filing, which was anticipated in connection with the plan of
compliance previously accepted by the Panel, constitutes an
additional basis for delisting pursuant to Listing Rule 5250(c)(1),
as does the bid price issue. The Company has been afforded the
opportunity to update the Panel on its plan for becoming current in
filing prior to the end of the exception period on October 30,
2020, and to request additional time for regaining compliance with
the bid price requirement and the Company intends to do so. Should
the Company fail to timely regain compliance, trading in its
securities would be suspended resulting in trading moving to the
OTC market.
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
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SOURCE Pareteum Corporation
