Towerstream Corporation (NASDAQ:TWER) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

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Towerstream Corporation (NASDAQ:TWER) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

 

Towerstream Corporation (the “Company”) has been notified by The NASDAQ Stock Market LLC (“Nasdaq”) that the Nasdaq Listing Qualifications Hearing Panel (the “Panel”) has determined to delist the Company’s common stock, and that trading in the Company’s common stock will be suspended on Nasdaq effective with the open of business on December 1, 2016. The Company may appeal the determination, but there is no guarantee that an appeal will be successful and the filing of such an appeal would not stay the Panel’s decision.

 

The Company has been approved for trading on the OTCQB®, operated by OTC Markets Group Inc., and expects its common stock to begin trading on OTCQB effective December 1, 2016 under its current trading symbol “TWER.”

 

This transition to the OTCQB market does not affect the Company’s business operations. The Company will continue to file periodic and certain other reports with the Securities and Exchange Commission under applicable federal securities laws.

 

The Company currently meets the requirements of the OTCQB market.

 

As previously disclosed, the Company was before the Panel on July 7, 2016, due to violation of Listing Rule 5550(b)(1), for failure to maintain the required minimum stockholders’ equity requirement or the total assets and total revenues minimums required by that rule. The Company was also in violation of Listing Rule 5550(a)(2), requiring a minimum bid price of over $1.00.

 

Also as previously disclosed, the Panel issued a decision on July 14, 2016, which extended the Company’s listing while it worked to resolve its deficiencies. The Company was to have evidenced a closing bid price of $1.00 or more for a minimum of the ten prior consecutive trading days by July 24, 2016, a milestone it reached. Thereafter it was to update the Panel at various points on its progress toward completion of its compliance plan to cure the equity deficiency by November 22, 2016. On November 28, 2016, the Company wrote to the Panel to indicate it had not yet reached compliance.

 

Item 7.01 Regulation FD Disclosure.

 

On November 29, 2016, the Company issued a press release relating to this development. A copy of the press release is furnished as Exhibit 99.1 of this report.

 

The information under Item 7.01 and in Exhibit 99.1 of this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information under Item 7.01 and in Exhibit 99.1 of this Current Report on Form 8-K shall not be incorporated by reference into any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

 
 
 

 

Item 9.01.     Financial Statements and Exhibits.

 

(d) Exhibits

 

99.1       Press Release Issued November 29, 2016

 

 
 
 

  

 


About Towerstream Corporation (NASDAQ:TWER)

Towerstream Corporation is a provider of fixed wireless services to businesses in over 10 urban markets across the United States. The Company operates through Fixed Wireless Services (Fixed Wireless) segment. Its fixed wireless service supports bandwidth on demand, wireless redundancy, virtual private networks, disaster recovery, bundled data and video services. Towerstream installs equipment on the rooftops of the buildings in which the Fixed Wireless segment customers operate and refer to these as Customer Locations. This equipment includes receivers and antennas, and a wireless connection is established between the Customer Location to one or more of its points of presence (PoPs). It provides fixed wireless broadband services to commercial customers and delivers access over a Wireless network transmitting over both regulated and unregulated radio spectrum. It provides services to business customers in various locations, including New York City, Boston, Chicago and Houston.

Towerstream Corporation (NASDAQ:TWER) Recent Trading Information

Towerstream Corporation (NASDAQ:TWER) closed its last trading session 00.000 at 0.347 with 3,368,688 shares trading hands.