Ominto, Inc. (OTCMKTS:OMNT) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 9.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On March 1, 2018, Ominto, Inc. (the “Company”) received a letter (the “March 1 Letter”) from Nasdaq, which supersedes its letter dated February 22, 2018 (the “February 22” Letter) and was disclosed in the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (“SEC”) on February 28, 2018 (the “February Report”). The March 1 Letter indicates that the Company is not in compliance with Nasdaq’s continued listing requirements under the timely filing criteria outlined in Listing Rule 5250(c)(1). Due to the delay in filing its annual report on Form 10-K for the year ended September 30, 2017 (the “10-K”), the Company has been unable to file its quarterly report on Form 10-Q for the quarter ended December 31, 2017 (the “10-Q”) with the SEC.
The March 1 Letter states that the Company must submit a plan no later than March 5, 2018, rather than April 23, 2018 as stated in the February 22 Letter and disclosed in the February Report, setting forth the actions it will take to regain compliance with the Listing Rules for continued listing. If Nasdaq accepts such plan, the Company may be granted an exception of up to 180 calendar days from the date the 10-K was due, or until June 27, 2018, to regain compliance. On March 5, 2018, the Company submitted its plan to regain compliance to Nasdaq. The letter from Nasdaq has no immediate effect on the listing of the Company’s common stock on the Nasdaq Capital Market.
Item 9.01. Regulation FD Disclosure.
On March 5, 2018, the Company issued a press release announcing that the filing of the Form 10-Q has been delayed. A copy of the press release is furnished as Exhibit 99.1 to this Report.
In accordance with General Instruction B.2 of Form 8-K, the press release is deemed to be “furnished” and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
Cautionary Note Regarding Forward-Looking Statements. Except for historical information contained in this Form 8-K and the press release attached as an exhibit hereto, this Form 8-K and the press release contain forward-looking statements which involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Please refer to the cautionary note in the press release regarding these forward-looking statements.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit Number |
Description |
| 99.1 | Press Release dated March 5, 2018. |
Ominto, Inc. ExhibitEX-99.1 2 f8k030118ex99-1_omintoinc.htm PRESS RELEASE DATED MARCH 5,…To view the full exhibit click here
About Ominto, Inc. (OTCMKTS:OMNT)
Ominto, Inc. (Ominto), formerly DubLi, Inc., is engaged in online cash back shopping. The Company’s shopping portal serves customers in approximately 100 countries. Using its consumer-adaptive e-commerce sites, shoppers are linked and can browse third party Websites with different categories of products, which Websites feature, including international and local brands, travel, coupons, discounts and vouchers. The Company offers its product and service lines in the E-Commerce and Memberships segment, which includes business license fees, membership subscription fees and commission income, and advertising and marketing programs. The Company has adapted its Cash Back platform to serve over 10 international markets in approximately 10 languages and currencies. Its Websites feature various regional and international brands, including Amazon.com, Zalando, Groupon and Expedia. Its e-commerce platform allows consumers to shop at online stores and earn cash back with each purchase.