NEW YORK, May 15, 2020 /PRNewswire/ -- Pareteum
Corporation (Nasdaq: TEUM), a cloud communications platform
company, announced that on May 12,
2020, Pareteum Corporation (the "Company") received a
determination letter from the Listing Qualifications Staff of The
Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company is
not in compliance with the requirement that a listed company timely
file all required periodic financial reports with the Securities
and Exchange Commission to remain listed on The Nasdaq Capital
Market, as set forth in Nasdaq Listing Rule 5250(c)(1) (the
"Rule"). On May 13, 2020, the Company received an additional letter
from Nasdaq indicating that as a result of the Company's failure to
file a Quarterly Report on Form 10-Q for its fiscal period ended
March 31, 2020, it was in further violation of the Rule.
The Company intends to timely request a hearing before the
Nasdaq Hearings Panel (the "Panel"). Under Nasdaq's rules, a timely
request will stay the delisting of the Company's securities pending
the Panel's decision for a period of 15 days from the date of the
request. During this process, assuming the Panel agrees to stay the
suspension of trading beyond an automatic fifteen day stay, the
Company's common stock will continue to trade on The Nasdaq Capital
Market until the Panel issues its decision following the hearing
and through the expiration of any additional extension period
granted by the Panel. However, there can be no assurance that the
Panel will grant the Company's request for continued listing on The
Nasdaq Capital Market, or that the Company's plans to regain
compliance with Nasdaq's rules will be successful.
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 to bring secure, ubiquitous,
scalable, and seamlessly available voice, video, SMS/text
messaging, data, media, and content enablement to our customers. In
so doing, we endeavor to make 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 will be and delivering now. For more
information please visit: www.pareteum.com.
Forward Looking Statements
Certain statements contained in this press release 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 the Company's plans and
objectives, projections, expectations and intentions. These
forward-looking statements are based on current expectations,
estimates and projections about the Company'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.
We discuss many of these risks, uncertainties and assumptions in
Item 1A under the heading "Risk Factors" in our Annual Report on
Form 10-K for the year ended December 31,
2018, as updated by our other filings with the SEC.
Because such statements involve risks and uncertainties, the actual
results and performance of the Company may differ materially from
the results expressed or implied by such forward-looking
statements. Given these risks and uncertainties, readers are
cautioned not to place undue reliance on such forward-looking
statements. Unless otherwise required by law, the Company 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
the Company's filings with the Securities and Exchange Commission,
copies of which are available from the SEC or may be obtained upon
request from the Company.
Media Inquiries
Press@pareteum.com
Pareteum Investor Relations Contacts:
Investor Relations +1 (646) 975-0400
Investor.relations@pareteum.com
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SOURCE Pareteum Corporation