Inventergy Global, Inc. (NASDAQ:INVT) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01
As previously disclosed in the Current Report on Form 8-K filed on November 25, 2016 by Inventergy Global, Inc. (the “Company”), on November 21, 2016, the Company received notice from The NASDAQ Stock Market (“Nasdaq”) indicating that, because the closing bid price for the Company’s common stock had fallen below $1.00 per share for 30 consecutive business days, the Company no longer complied with the minimum bid price requirement (the “Minimum Bid Price Requirement”) for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). In accordance with the Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until May 22, 2017, to regain compliance with the Minimum Bid Price Requirement.
As previously disclosed in the Current Report on Form 8-K filed on April 13, 2017 by the Company, on April 7, 2017, the Company received notice from Nasdaq that the Company no longer complied with the minimum $2,500,000 stockholders’ equity requirement (the “Stockholders’ Equity Requirement”) for continued listing on the Nasdaq Capital Market as set forth in Nasdaq Listing Rule 5550(b)(1). The Company subsequently submitted a notice of appeal to Nasdaq appealing its determination that the Company no longer complied with the Stockholders’ Equity Requirement, which appeal is scheduled to be heard before a hearings panel (the “Panel”) on June 1, 2017.
On May 23, 2017, the Company received notice from Nasdaq that the Company had not regained compliance with the Minimum Bid Price Requirement, which serves as an additional basis for delisting the Company’s common stock from the Nasdaq Capital Market. Nasdaq further advised the Company that the Panel will consider this matter in rendering a determination regarding the Company’s continued listing on the Nasdaq Capital Market.
The Company believes that it has regained compliance with the Stockholders’ Equity Requirement as a result of the completion of the transactions contemplated in the restructuring agreement by and between the Company and its lender, DBD Credit Funding LLC on April 27, 2017, and therefore, may be eligible for an additional 180 calendar days to regain compliance with the Minimum Bid Price Requirement. Marcum LLP, the Company’s independent registered public accounting firm (“Marcum”), is currently reviewing the impact of the restructuring agreement on the Company’s stockholders’ equity. If Marcum does not complete its review by June 1, 2017, the Company intends to request additional time from the Panel to allow Marcum to complete its review.
About Inventergy Global, Inc. (NASDAQ:INVT)
Inventergy Global, Inc. is an intellectual property (IP) investment and licensing company. The Company offers clients a professional corporate licensing model for IP value creation. The Company’s Technical Lead and associated group works to understand the science and/or technology behind the patents of a particular portfolio, under the review of the Legal Lead and in support of the Business team. This group coordinates the work of third party technology consultants, including technical external resources, such as technical experts, reverse engineering consultancies and other providers, to deliver inputs to the Legal and Business teams. The Legal Lead and Team manage the existing patent asset portfolio from a global perspective and also manage further prosecution of continuing patent cases. The Legal Lead also is responsible for the legal structure and legal documents of any license or negotiated settlement with prospective licensees. Inventergy Global, Inc. (NASDAQ:INVT) Recent Trading Information
Inventergy Global, Inc. (NASDAQ:INVT) closed its last trading session down -0.006 at 0.150 with 230,417 shares trading hands.