RA'ANANA, Israel and
RIVER EDGE, New Jersey,
Aug. 17, 2017 /PRNewswire/
-- Mer Telemanagement Solutions Ltd. (MTS) (Nasdaq
Capital Market: MTSL), a global provider of telecommunications
expense management (TEM), enterprise mobility management (EMM)
solutions, and video advertising solutions for online and mobile
platforms, today announced that based on the Company's 6-K filing
of August 15, 2017, the NASDAQ Staff
has determined that the Company complies with Listing Rule
5550(b)(1).
The Company regained compliance after completing the conversion
of approximately $1.2 million of debt
incurred in connection with the acquisition of Vexigo Ltd. into
warrants to acquire 1,200,000 of the Company's ordinary shares. The
warrants have a term of five years and are exercisable at an
exercise price of $0 per ordinary
share commencing on the second anniversary of their issuance.
During the two year period following issuance, the Company has an
option to purchase all or a portion of such warrants at a price per
share of $1.00. In addition the
Company completed the sale of 602,409 of its ordinary shares for an
aggregate purchase price of $400,000
in a private placement to certain directors of the Company, certain
former beneficial holders of the shares of Vexigo Ltd. and a former
officer of the Company.
An unaudited consolidated balance sheet as of June 30, 2017 on an actual basis and on a pro
forma basis giving effect to the aforementioned transactions was
attached to the Form 6-K. While the NASDAQ Staff has determined
that the Company complies with the Listing Rule 5550(b)(1), if the
Company fails to evidence compliance upon filing its next periodic
report it may be subject to delisting.
As previously announced, the Company has until August 21, 2017 to regain compliance with the
$1.00 minimum bid price requirement
of NASDAQ. The Company is eligible for an additional 180 calendar
days' extension to regain compliance once it meets the continued
listing requirement for market value of publicly held shares and
all other listing standards for the Nasdaq Capital Market, with the
exception of the bid price requirement. The Company will seek the
180 days extension, based on its compliance with the continued
listing requirements and its intention to cure the deficiency
during the second compliance period, by affecting a reverse stock
split, if necessary.
About MTS
Mer Telemanagement Solutions Ltd. (MTS) provides digital
advertising solutions for online and mobile platforms and call
accounting and TEM solutions and services.
MTS's Vexigo (www.vexigo.com) subsidiary provides digital
advertising solutions for online and mobile platforms, and
leverages them to offer advertising optimization services to
advertisers and website owners.
MTS's telecommunications business provides innovative products
and services to enterprises for their call accounting and for
management of their telecom expenses (TEM).
Headquartered in Israel, MTS
markets its solutions through wholly-owned subsidiaries in
Israel, the U.S and Hong Kong, as well as through distribution
channels. For more information please visit the MTS web site:
www.mtsint.com.
Certain matters discussed in this news release are
forward-looking statements that involve a number of risks and
uncertainties including, but not limited to, risks in product
development plans and schedules, rapid technological change,
changes and delays in product approval and introduction, customer
acceptance of new products, the impact of competitive products and
pricing, market acceptance, the lengthy sales cycle, proprietary
rights of the Company and its competitors, risk of operations in
Israel, government regulations,
dependence on third parties to manufacture products, general
economic conditions and other risk factors detailed in the
Company's filings with the United States Securities and Exchange
Commission.
Contact:
Alon
Mualem
CFO
Tel:
+972-9-7777-540
Email: alon.mualem@mtsint.com
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SOURCE Mer Telemanagement Solutions Ltd. (MTS)