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.
As previously reported, on December 17, 2019 the staff of NYSE Regulation (the “Staff”), on behalf of NYSE American LLC (the “Exchange”), commenced proceedings to delist the Company’s common stock from the Exchange. The Company appealed to the NYSE Listing Qualifications Panel (the “Panel”) of the Exchange’s Committee for Review, and such hearing regarding the Company’s continued listing was held on February 13, 2020.
On March 9, 2020, the NYSE Office of General Counsel notified the Company that the Panel had determined to affirm the Staff’s decision to delist the Company’s shares from NYSE. The Company subsequently appealed to the full Committee for Review (the “Committee”), and such hearing regarding the Company’s continued listing was held on May 7, 2020. On May 15, 2020, the Committee notified the Company that it had affirmed the Panel’s determination, subject to a call for review by one or more directors of the Exchange Board of Directors, which by letter dated May 20, 2020 was declined.
On May 21, 2020, the Staff filed a Form 25 with the Securities and Exchange Commission (the “SEC”) to remove the Company’s common stock from listing and registration on the Exchange. The delisting will be effective 10 days following the date the Form 25 is filed.
The Company is continuing to review its options to list with other exchanges and other available markets for the trading of the Company’s common stock and will continue filing its periodic reports with the SEC.
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.
