Pareteum Corporation Receives Anticipated Nasdaq Notice of Additional Delinquency
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.
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SOURCE Pareteum Corporation
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