Tangoe,Inc. (NASDAQ:TNGO) 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 Rule or Standard; Transfer of Listing.
On January 4, 2017, Tangoe, Inc. (the “Company”) received a letter (the “Letter”) from the Staff of the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) stating that the Company’s common stock is subject to delisting from Nasdaq as a result of the Company not holding an annual meeting of stockholders during the year ended December 31, 2016. Under Nasdaq Listing Rule 5620(a), the Company was required to hold an annual meeting of stockholders no later than December 31, 2016.
As previously disclosed, the Company is also not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “Commission”). On January 3, 2017, the Company announced that it had informed Nasdaq on December 30, 2016 that the Company had determined that it is unlikely that the Company will meet the deadline of March 10, 2017 to complete its ongoing restatement of the Company’s financial statements for the years 2013 and 2014 and the first three quarters of 2015 in order to regain compliance with Rule 5250(c)(1) and continue the listing of the Company’s common stock on Nasdaq, and that the Company had requested that Nasdaq permit the Company’s common stock to continue to be traded on Nasdaq through March 10, 2017, notwithstanding the Company’s expectation that it will likely not be able to regain compliance with Rule 5250(c)(1) by that date. Nasdaq has not yet responded to the Company’s December 30, 2016 request, however the Letter indicated that the Nasdaq Hearings Panel would consider the Company’s additional non-compliance with Nasdaq Listing Rule 5620(a) in its decision regarding the Company’s continued listing and requested that the Company present its views with respect to this additional deficiency to the Nasdaq Hearings Panel by January 11, 2017.
The Company intends to timely submit a response to the Nasdaq Hearings Panel, including a continued request that the Company’s common stock be permitted to trade on Nasdaq through March 10, 2017. Nevertheless, as a result of the Company’s non-compliance with Nasdaq’s listing rules, Nasdaq may determine to suspend the Company’s common stock from trading on Nasdaq at any time and delist the Company’s common stock ten days after Nasdaq’s filing of Form 25-NSE with the Commission.
