iPass Inc. (NASDAQ:IPAS) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingITEM 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Ruleor Standard; Transfer of Listing.
On May 9, 2018, iPass Inc.’s (the “Company”) listing was transferred from the Nasdaq Global Select Market to the Nasdaq Capital Market. For continued listing on the Nasdaq Capital Market, the Company must maintain a minimum market value of listed securities (“MVLS”) of $35 million, to Listing Rule 5550(b)(2).
On May 30, 2018, the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC formally notifying the Company that its MVLS was less than $35 million. To regain compliance, the Company’s MVLS must close at $35 million or more for a minimum of ten consecutive business days. The Company has until September 17, 2018, to regain compliance.
About iPass Inc. (NASDAQ:IPAS)
iPass Inc. (iPass), is a provider of global mobile connectivity, offering wireless fidelity (Wi-Fi) on mobile devices. The Company, through its Mobile Connectivity Services segment, offers a cloud-based solution allowing its customers and their users’ access to its global Wi-Fi network to stay connected to the people and information. The Company has categorized its services into two approaches: Enterprise and Strategic Partnerships. Enterprise, formerly Open Mobile Enterprise (OME), focuses on providing mobile connectivity solutions to enterprises, from large to small. Strategic Partnerships, formerly Open Mobile Exchange (OMX), is executed through business development deals intended to open channel distributions for its product to reach the consumer market. Strategic Partnerships include global Original Equipment Manufacturers (OEMs), programs, including credit card companies, software product and service providers, and communication companies.