PARETEUM CORPORATION (NASDAQ:TEUM) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01
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Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On December 6, 2016, the Company received a notice from NYSE MKT
LLC (the Exchange) indicating that because the Companys
securities have been selling for a low price per share for a
substantial period of time and, to Section 1003(f)(v) of the NYSE
MKT Company Guide (the Company Guide), the Companys continued
listing on the Exchange is predicated on the Company effecting a
reverse split or otherwise demonstrating sustained price
improvement. This notice was in addition to a prior notice
received by the Company from the Exchange on May 26, 2016, as
previously disclosed on a Current Report on Form 8-K filed by the
Company on June 2, 2016.
The Exchange indicated that the Company shall have an additional
six months, or until June 6, 2017, to gain compliance with the
Exchange and Section 1003(f)(v) of the Company Guide. If the
Company is not in compliance with the continued listing standards
or if the Company does not make progress in increasing its price
per share, the Exchange may initiate delisting proceedings as
appropriate.
At the present time, the Company has obtained shareholder
approval to effectuate a reverse stock split at a ratio of
between one-for-ten and one-for-twenty five with such ratio to be
determined at the sole discretion of the Board of the Directors
(Board) of the Company. The Companys Board is currently assessing
which ratio would best serve the Companys stockholders while
allowing the Company to remain compliant with the Exchanges
continued listing requirements.
On December 9, 2016, the Company issued a press release
disclosing receipt of the notice from the Exchange. A copy of the
press release is furnished as Exhibit 99.1 to this Current Report
on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. |
Set forth below is a list of Exhibits included as part of this
Current Report.
| 99.1 | Press Release, dated December 9, 2016 |
About PARETEUM CORPORATION (NASDAQ:TEUM)