NEW YORK, March 24, 2020 /PRNewswire/ -- Pareteum
Corporation (Nasdaq: TEUM), a growing cloud communications
platform company, announced that, as expected, the Company received
an additional delinquency notification letter from the Listing
Qualifications Staff (the "Staff") of The Nasdaq Stock Market LLC
("Nasdaq") due to the Company's continued non-compliance with
Nasdaq Listing Rule 5250(c)(1), as a result of the Company's
failure to file its annual report on Form 10-K for the period ended
December 31, 2019 (the "Form 10-K").
The Company previously announced its determination to restate
its consolidated financial statements as of and for the full year
ended December 31, 2018, and interim
periods ended March 31 and
June 30, 2019 (collectively, the
"Non-Reliance Periods").
The Company received a notice of non-compliance from Nasdaq on
November 13, 2019 for failing to file
its Form 10-Q for the period ended September
30, 2019. The Staff subsequently granted the Company an
extension through May 11, 2020 to
make that filing.
The Company intends to provide Nasdaq with an update to its
compliance plan that addresses the delayed filing of the Form 10-K.
In that regard, the Company will restate financial statements for
the Non-Reliance Periods in advance of filing the Form 10-Q for the
quarter ended September 30, 2019 and
the Form 10-K.
The Company continues to work diligently to complete its
restatement and intends to file its delinquent filings as soon as
reasonably practical; however, there can be no assurance that the
Company will be able to become fully current in filing by the
May 11, 2020 deadline. In such
an event, the Company would be afforded a hearing before an
independent Nasdaq Hearings Panel.
About Pareteum Corporation:
Millions of people and
devices are connected around the world using Pareteum's Global
Cloud Communications Platform, enhancing their mobile experience.
Pareteum unleashes the power of applications and mobile services,
bringing secure, ubiquitous, scalable, and seamlessly available
voice, video, SMS/text messaging, and data, media and content
enablement to our customers, making worldwide communications
services easily and economically accessible to everyone. By
harnessing the value of our cloud communications platform, Pareteum
serves enterprises, communications service providers, early stage
innovators, developers, IoT, and telecommunications infrastructure
providers. Pareteum envisions a new mobile communications
experience, imagining what is to come, while delivering now.
Pareteum currently has offices in North
America, South America,
Spain, Bahrain, Singapore, India, Indonesia, Germany, Belgium, United
Kingdom, Russia, and
the Netherlands. For more
information please visit: www.pareteum.com.
Forward Looking Statements: Certain statements contained
herein constitute "forward-looking statements" as defined by the
Private Securities Litigation Reform Act of 1995. Such statements
may include, without limitation, statements with respect to
Pareteum's plans and objectives, projections, expectations and
intentions. These forward-looking statements are based on current
expectations, estimates and projections about Pareteum's industry,
management's beliefs and certain assumptions made by management.
Readers are cautioned that any such forward-looking statements are
not guarantees of future performance and are subject to certain
risks, uncertainties and assumptions that are difficult to predict.
Because such statements involve risks and uncertainties, the actual
results and performance of Pareteum may differ materially from the
results expressed or implied by such forward-looking statements.
These risks include, among other things (1) the Company's ability
to complete the offering as described herein, (1) the ability to
complete the restatement of the affected financial statements and
address any material weaknesses, the timing of the completion of
necessary restatements, interim reviews and audits by the Company's
independent registered public accounting firm, (2) risks relating
to the substantial costs and diversion of personnel's attention and
resources deployed to address the restatement of the affected
financial statements and internal control matters, (3) the
risk of litigation or regulatory action arising from the
restatement of the affected financial statements, (4) the timing of
the review by, and the conclusions of, the Company's independent
auditor regarding the restatement, (5) the ability of the Company
to remediate any material weaknesses in internal control over
financial reporting, (6) potential reputational damage that the
Company may suffer as a result of the restatement of the affected
financial statements, (7) the impact of the restatement of the
affected financial statements on the value of the Company's common
stock, and (8) the risk that the filing of the restatement of the
affected financial statements will take longer than anticipated.
Given these risks and uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. Unless
otherwise required by law, Pareteum also disclaims any obligation
to update its view of any such risks or uncertainties or to
announce publicly the result of any revisions to the
forward-looking statements made here. Additional information
concerning certain risks and uncertainties that could cause actual
results to differ materially from those projected or suggested in
Pareteum's filings with the Securities and Exchange Commission,
copies of which are available from the SEC or may be obtained upon
request from Pareteum Corporation.
Media Inquiries:
Press@pareteum.com
Investor Relations Contact:
+1 646-975-0400
Investor.relations@pareteum.com
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SOURCE Pareteum Corporation