NEW YORK, Nov. 10, 2020 /PRNewswire/ -- Pareteum
Corporation (Nasdaq: TEUM), a global cloud communications
platform company, announced today that the Company notified the
Hearings Panel (the "Panel") of The Nasdaq Stock Market LLC
("Nasdaq") that it would not be able to file its Quarterly Report
on Form 10-Q for the period ended September
30, 2019, its amended Annual Report on Form 10-K/A for the
year ended December 31, 2018, its
Annual Report on Form 10-K for the year ended December 31, 2019 or its Quarterly Reports on
Form 10-Q for the periods ended March 31,
2020 and June 30, 2020
(collectively, the "Delinquent Filings") by November 9, 2020, the date by which the Panel had
required the Company to make such Delinquent Filings in order for
the Company's common stock to remain listed on Nasdaq.
In response to the Company's notice to Nasdaq that it would not
satisfy the conditions to the exception granted by the Panel,
Nasdaq notified the Company by letter dated November 10, 2020 that the Company's common stock
would be delisted and that trading of the Company's common stock on
Nasdaq's Capital Market will be suspended effective at the open of
business on November 12, 2020.
After the trading of the Company's common stock is suspended by
Nasdaq, the common stock is expected to trade on the Pink OTC
Markets, Inc. (the "Pink Sheets"). The Company can provide no
assurance that the Company's common stock will commence trading on
this market, whether broker-dealers will continue to provide public
quotes of the common stock on this market, whether the trading
volume of the common stock will be sufficient to provide for an
efficient trading market or whether quotes for the common stock
will continue on this market in the future. The suspension of
trading and formal delisting of the Company's common stock from
Nasdaq, and the expected transition to the Pink Sheets, does
not affect the Company's operations or business and does not change
its reporting requirements under the rules of the SEC.
In a separate press release, the company issued a shareholder
letter which provides an update on recent progress that has been
made at the Company including business highlights, the completion
of our internal investigation, an update on the restatement process
we announced in the fourth quarter of 2019, as well as our plans to
apply for relisting on Nasdaq or another national securities
exchange.
About Pareteum Corporation
Pareteum is an experienced provider of Communications Platform
as a Service solutions. Pareteum empowers enterprises,
communications service providers, early stage innovators,
developers, IoT, and telecommunications infrastructure providers
with the freedom and control to create, deliver and scale
innovative communications experiences. The Pareteum
platform connects people and devices around the world using
the secure, ubiquitous, and highly scalable solution to deliver
data, voice, video, SMS/text messaging, media, and content
enablement. 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 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, including risks arising
from the novel coronavirus (COVID-19) pandemic. 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