FTE NETWORKS, INC. (OTCMKTS:FTNW) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

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FTE NETWORKS, INC. (OTCMKTS:FTNW) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

FTE NETWORKS, INC. (OTCMKTS:FTNW) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01

On December 17, 2019, FTE Networks, Inc. (the “Company”) received a letter from the NYSE American LLC (the “Exchange”) stating that it had determined to commence proceedings to delist the Company’s common stock from the Exchange. The common stock was suspended at market close on NYSE American on the same date.

NYSE Regulation commenced delisting proceedings against the Company to Section 1003(f)(iii) of the NYSE American Company Guide (the “Company Guide”) because the Company or its management have engaged in operations that, in the opinion of the Exchange, are contrary to the public interest. NYSE Regulation also considered Section 1009(a)(ii) of the Company Guide, which provides that the Exchange may suspend trading in any security when necessary or appropriate for the protection of investors, in its decision to immediately suspend trading in the Company’s common stock.

Under NYSE American delisting procedures, the Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange, provided a written request is filed with the Assistant Corporate Secretary of the Exchange, within seven calendar days after receiving this notice, specifying the grounds on which the Company intends to challenge NYSE Regulation’s decision for such a review, and along with payment of a non-refundable appeal fee in the amount of $10,000 for an oral hearing or $8,000 for a hearing based on a written submission.

The Company is considering this and other alternatives open to the Company to act in the best interests of its shareholders and will announce promptly any measures that its board of directors determines are appropriate.

On December 19, 2019, the Company issued a press release announcing the letter from the Exchange. A copy of this release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

(d) Exhibits


FTE Networks, Inc. Exhibit
EX-99.1 2 ex99-1.htm   FTE Networks Receives Delisting Notice from NYSE American   NEW YORK,…
To view the full exhibit click here

About FTE NETWORKS, INC. (OTCMKTS:FTNW)

FTE Networks, Inc., (FTE Networks) is a provider of international and regional telecommunications and technology systems, and infrastructure services. The Company’s segments are Telecommunications and Staffing. It also offers managed information technology, telecommunications services, subscriber-based services and staffing solutions through its subsidiaries, Jus-Com, Inc. (doing business as FTE Network Services), FTE Wireless, LLC and Focus Venture Partners, Inc. (doing business as FVP Worx). Its services include engineering consulting, design, installation, maintenance and emergency response in various categories, including cabling, equipment installation and configuration, rack and stack, wiring build-outs, infrastructure build-outs, direct current power installation, online service provider/Internet service provider fiber placement, fiber cable splicing and testing. In the wireless space, it provides engineering, design, installation and upgrade of wireless communications networks.