CARLSBAD, Calif., March 23, 2018 /PRNewswire/ -- NTN Buzztime,
Inc. (NYSE American: NTN), announced it received of a letter from
NYSE Regulation on March 20, 2018,
stating that the company is not in compliance with Sections
1003(a)(iii) of the Company Guide of the NYSE American LLC, because
the company reported stockholders' equity of less than $6 million as of December
31, 2017 and had net losses in five of its most recent
fiscal years ended December 31, 2017.
The company's stockholders' equity was $5.5
million as of December 31,
2017. As a result, the company has become subject to the
procedures and requirements of Section 1009 of the Company Guide.
The letter has no immediate effect on the listing of the company's
common stock on the exchange.
In order to maintain its listing, the company must submit a plan
to NYSE Regulation by April 20, 2018,
advising of the actions it has taken or will take to regain
compliance with Section 1003(a)(iii) by March 20, 2019. If the plan is accepted, the
company will be subject to periodic reviews for compliance with the
plan. If the company does not submit a plan or if the plan is not
accepted, delisting proceedings will commence. Furthermore, if the
plan is accepted, but the company is not in compliance with the
continued listing standards by March 20,
2019 or if the company does not make progress consistent
with the plan, the exchange will initiate delisting procedures as
appropriate.
NTN Buzztime's management is reviewing options to address
the noncompliance and intends to submit a plan on or before the
April 20, 2018 deadline.
The March 20, 2019 deadline to
regain compliance is a truncated deadline because this instance of
non-compliance occurred within 12 months of May 12, 2017, the date on which the company
regained compliance with its previously reported non-compliance
with Section 1003(a)(iii). Under Section 1009(h) of the
Company Guide, the exchange may truncate the continued listing
evaluation and follow up procedures if a company, within 12 months
of the end of a plan period, is again determined to be below the
continued listing standards.
About Buzztime:
Buzztime (NYSE American: NTN) delivers
interactive entertainment and innovative technology, including
performance analytics and secure payment with Europay, MasterCard®
and Visa® (EMV) chip card readers or with near-field communication
(NFC) technology to accept Apple, Android and Samsung Pay.
Most frequently used in bars and restaurants in North America, the Buzztime tablets and
technology offer engaging solutions to establishments that have
guests who experience dwell time, such as casinos, senior living,
car dealerships and more. Casual dining venues license Buzztime's
customizable solution to differentiate themselves via competitive
fun by offering guests trivia, card, sports and arcade games,
personalized menus and self-service dining features. Buzztime's
platform improves operating efficiencies, creates connections among
the players and venues, and amplifies guests' positive
experiences. The Buzztime platform has also been recently
resold and the content licensed for other businesses serving other
markets. For more information, please visit
http://www.buzztime.com or follow us on Facebook or Twitter
@buzztime.
IR AGENCY CONTACT:
Kirsten
Chapman/Becky Herrick, LHA
Investor Relations
buzztime@lhai.com
415-433-3777
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SOURCE NTN Buzztime, Inc.