NEW YORK, Oct. 15, 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") stating that the Panel agreed to extend
the deadlines by which the Company would be required to cure
certain previously disclosed deficiencies under Nasdaq's continued
listing rules.
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 amended
Annual Report on Form 10-K/A for the year ended December 31, 2018, 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 "Delinquent
Filings"). The Company was unable to timely file the Delinquent
Filings due to its previous accounting evaluation and internal
investigation into the cause of the accounting errors. Also, as
previously disclosed, 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").
The Panel had previously granted the Company an exception with
respect to the Delinquent Filings and the Bid Price Rule
noncompliance, so long as it filed certain of the Delinquent
Filings on October 15, 2020 and
certain of them on October 30, 2020,
and that it regained compliance with the Bid Price Rule by
December 31, 2020. In the Letter, the
Panel extended the Company's exception, provided that:
- by November 9, 2020, the Company
files all Delinquent Filings with the Securities and Exchange
Commission; and
- by December 31, 2020, the Company
regains compliance with the Bide Price Rule.
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