PARETEUM CORPORATION (NYSEMKT:TEUM) 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.
On January 5, 2017, Pareteum Corporation (the Company) received a
notice from NYSE MKT LLC (the Exchange) indicating that the
Company is not currently in compliance with the Exchanges
continued listing standards as set forth in Section 1003(a)(ii),
Section 1003(a)(iii), Section 1003(a)(iv) and Section 1003(f)(v)
of the NYSE MKT Company Guide (the Company Guide). The Exchange
further stated that the Company is also not in compliance with
Section 1003(a)(i) since the Companys reported stockholders
equity as of September 30, 2016 was $(6.4) million and the
Company has net losses in its last five most recent fiscal years
ended December 31, 2015. This notice was in addition to notices
received by the Company from the Exchange (i) on August 8, 2016,
as previously disclosed on a Current Report on Form 8-K filed by
the Company on August 12, 2016 and for which the Company
submitted a plan of compliance on August 19, 2016; (ii) May 26,
2016, as previously disclosed on a Current Report on Form 8-K
filed by the Company on June 2, 2016 and for which the Company
submitted a plan of compliance on June 27, 2016; and (iii)
December 6, 2016, as previously disclosed on a Current Report on
Form 8-K filed by the Company on December 9, 2016. The Exchange
had reviewed the Companys plans of compliance and previously
determined to accept the plans and granted the Company a
conditional plan period through December 31, 2016.
The Exchange has since reviewed the Companys most recent updates
and determined to extend the plan period for the Company to
regain compliance with Section 1003(a)(iv) through June 30, 2017
and Section 1003(a)(i), Section 1003(a)(ii), and Section
1003(a)(iii) through November 27, 2017. As previously disclosed
on a Current Report on Form 8-K filed by the Company on December
9, 2016, the Company has until June 6, 2017 to regain compliance
with Section 1003(f)(v).
If the Company is not in compliance with the continued listing
standards of the Company Guide by the applicable extension dates
set forth above, or if the Company does not make progress
consistent with the plan during the plan period, the Exchange
will initiate delisting proceedings as appropriate. The Company
may appeal a staff delisting determination in accordance with
Section 1010 and Part 12 of the Company Guide.
On January 9, 2017, 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 9.01Financial Statements and Exhibits.
Set forth below is a list of Exhibits included as part of this
Current Report.
| 99.1 | Press Release, dated January 9, 2017 |
About PARETEUM CORPORATION (NYSEMKT:TEUM)
Pareteum Corporation, formerly Elephant Talk Communications Corp., is an international provider of mobile networking software and services. The Company and its subsidiaries provide a mobility cloud platform, utilizing messaging and security solutions for the global mobile, mobile virtual network operator (MVNO), enterprise and Internet of things (IoT) markets. It is engaged in providing communications technology. ET Software DNA 2.0 is the Company’s intelligent mobile service platform. Its platform hosts integrated information technology (IT) or Back Office and Core Network functionality for mobile network operators (MNOs), MVNOs, and mobile virtual network enablers (MVNEs) and mobile virtual network aggregators (MVNAs) on an outsourced software as a service (SaaS), platform as a service (PaaS) and infrastructure as a service (IaaS) basis. Its virtual mobile platform solutions for MNOs and MVNOs feature Software Defined Networking and Network Functions Virtualization technologies. PARETEUM CORPORATION (NYSEMKT:TEUM) Recent Trading Information
PARETEUM CORPORATION (NYSEMKT:TEUM) closed its last trading session up +0.005 at 0.117 with 194,831 shares trading hands.
