NET 1 UEPS TECHNOLOGIES, INC. (NASDAQ:UEPS) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

NET 1 UEPS TECHNOLOGIES, INC. (NASDAQ:UEPS) 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.

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On October 1, 2019, Net 1 UEPS Technologies, Inc. (the \”Company\”) received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (\”Nasdaq\”) stating that Nasdaq has determined that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) due to the Company\’s failure to timely file its Annual Report on Form 10-K (the \”Form 10-K\”) for the fiscal year ended June 30, 2019 with the Securities and Exchange Commission (the \”SEC\”).

Nasdaq has informed the Company that the Company must submit a plan of compliance (the \”Plan\”) within 60 calendar days, or December 2, 2019, addressing how it intends to regain compliance with Nasdaq\’s listing rules and, if Nasdaq accepts the Plan, it may grant an extension of up to 180 calendar days from the Form 10-K original filing due date, or until March 30, 2020, to regain compliance. The Company intends to file its Form 10-K as soon as practicable and, in any event, within the 60-day period referenced above, and thereby regain compliance with the Nasdaq continued listing requirements and eliminate the need for the Company to submit a Plan.

A press release, dated October 3, 2019, disclosing the Company\’s receipt of the Nasdaq notification letter is attached as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

NET 1 UEPS TECHNOLOGIES INC Exhibit
EX-99.1 2 exhibit99-1.htm EXHIBIT 99.1 Net 1 UEPS Technologies,…
To view the full exhibit click here

About NET 1 UEPS TECHNOLOGIES, INC. (NASDAQ:UEPS)

Net 1 UEPS Technologies, Inc. is a provider of payment solutions, transaction processing services and financial technology across multiple industries. The Company develops and markets a transaction processing solution that encompasses its smart card-based alternative payment system for the unbanked and under-banked populations of developing economies and for mobile transaction channels. The Company operates through three segments: South African transaction processing, International transaction processing, and Financial inclusion and applied technologies. The Company also provides secure transaction technology solutions and services, by offering transaction processing, financial and clinical risk management solutions to various industries. It offers secure online transaction processing, cryptography, mobile telephony, integrated circuit card (chip/smart card) technologies, and the design and provision of financial and value-added services to its cardholder base.

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