Teligent Regains Compliance with Nasdaq Filing Requirements and Nasdaq Minimum Market Value Rule
22 Janvier 2021 - 3:00PM
Teligent, Inc. (NASDAQ: TLGT) (“Teligent” or the “Company”), a
New Jersey-based specialty generic pharmaceutical
company, previously received notice from The Nasdaq Stock
Market (“Nasdaq”) stating that the Company was not in compliance
with Nasdaq Listing Rule 5250(c)(1) as a result of the Company not
having timely filed its Quarterly Report on Form 10-Q for the three
months ended September 30, 2020 (the “Form 10-Q”) with the
Securities and Exchange Commission. Upon filing of the Form 10-Q on
December 31, 2020, the Company regained compliance with Nasdaq
Listing Rule 5250(c)(1) and this matter is now closed.
In addition, on July 28, 2020, the Company
received notice from Nasdaq stating that the Company was not in
compliance with Nasdaq Listing Rule 5450(b)(2)(C) because the
Company failed to maintain a minimum market value of publicly held
shares of $15,000,000 for 30 consecutive trading days. On January
15, 2021, the Company received notice from Nasdaq confirming that
for the last 10 consecutive trading days, the minimum market value
of publicly held shares of the Company’s common stock has been
equal to or in excess of the $15,000,000 minimum market value of
publicly held shares requirement for continued listing, as required
by Nasdaq Listing Rule 5450(b)(2)(C). Accordingly, Nasdaq has
determined that the Company has regained compliance with Nasdaq
Listing Rule 5450(b)(2)(C) and this matter is now closed.
Tim Sawyer, President & Chief Executive
Officer of Teligent, stated, “We are committed to maintaining our
Nasdaq listing, and we are pleased that we have regained compliance
with Nasdaq’s filing requirements and to see that the market value
of publicly held shares of the Company’s common stock once again
exceeds the requirements for Nasdaq listing.”
The Company has not regained compliance with the
minimum $1.00 bid price requirement for continued listing set forth
in Nasdaq Listing Rule 5450(a)(1) (the “Bid Price Rule”). The
Company continues to have until June 2, 2021 to regain compliance
with the Bid Price Rule. If the Company does not regain compliance
with the Bid Price Rule on or before June 2, 2021, unless the
Company files for and receives an extension to comply with the Bid
Price Rule, the Company’s common stock will be delisted from the
Nasdaq Global Select Market. The Company intends to actively
monitor the closing bid price of its listed shares of common stock
and, as appropriate, will consider available options to resolve the
deficiency and regain compliance with the Bid Price Rule.
Forward-Looking Statements
This press release includes “forward-looking
statements” that are intended to qualify for the safe harbors from
liability provided by Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical
facts are statements that could be deemed forward-looking. These
statements are based on current expectations, estimates, forecasts
and projections about the Company’s business and the industry in
which the Company operates and the beliefs and assumptions of the
Company’s management. Forward-looking statements can be identified
by the use of words such as “will,” “may,” “could,” “should,”
“would,” “believe,” “depends,” “expect,” “goal,” “anticipate,”
“forecast,” “project,” “future,” “intend,” “plan,” “estimate,”
“target,” “indicate,” “outlook,” and similar expressions of future
intent or the negative of such terms. Forward-looking statements
are neither historical facts nor assurances of future performance.
Instead, these forward-looking statements are based on
management’s current beliefs, expectations and assumptions and are
subject to risks and uncertainties. These statements are based
on the Company’s current beliefs or expectations and are inherently
subject to various risks and uncertainties, including those set
forth under the caption “Risk Factors” in the Company’s most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
other periodic reports the Company files with the Securities and
Exchange Commission. Additionally, many of these risks and
uncertainties are currently amplified by and will continue to be
amplified by, or in the future may be amplified by, the COVID-19
outbreak and the effects thereof on the Company’s future
performance and results of operations. It is not possible to
predict or identify all such risks. There may be additional risks
that the Company considers immaterial or which are unknown. You
should not rely upon forward-looking statements as predictions of
future events. The forward-looking statements included in
this press release speak only as of the date hereof and, subject to
any continuing obligations under applicable law or any relevant
stock exchange rules, we expressly disclaim any obligation to
disseminate, after the date of this document, any updates or
revisions to any such forward-looking statements to reflect any
change in expectations or events, conditions or circumstances on
which any such statements are based.
Contact: Philip K. YachmetzTeligent, Inc. (856) 776-4632
www.teligent.com
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