NEW YORK, July 9, 2020 /PRNewswire/ -- Pareteum
Corporation (Nasdaq: TEUM), a global cloud communications platform
company, announced today that on July 6,
2020, the Company received a letter from The Nasdaq Stock
Market LLC ("Nasdaq"), informing the Company that Nasdaq's Hearings
Panel (the "Panel") has granted the Company's request to remain
listed on Nasdaq. This determination is subject to the Company
making certain overdue filings current with the Securities and
Exchange Commission (the "SEC") on or before October 30, 2020 and to certain other
conditions.
As previously disclosed, the Company has decided to restate
certain previously filed financial statements and has not yet filed
with the SEC its Quarterly Report on Form 10-Q for the period ended
September 30, 2019, its Annual Report
on Form 10-K for fiscal 2019 or its Quarterly Report on Form 10-Q
for the period ended March 31, 2020
(collectively, the "Delinquent Filings"). In connection with
the pending restatement, independent legal and accounting
advisors are conducting an internal investigation into the
Company's revenue recognition practices. The Company is
unable to file the Delinquent Filings before the independent
investigation and the ongoing accounting evaluation are
completed. As a result, on November
13, 2019 and March 18, 2020,
the Company had received a notice from Nasdaq indicating that,
unless the Company timely requested a hearing before the Panel, the
Company's common stock would be subject to suspension and delisting
from Nasdaq due to non-compliance with Nasdaq Listing Rule
5250(c)(1).
The Company is continuing its work on the Restatement Process
and expects to complete this process and file all its restated
financial information and the Delinquent Filings on or before
October 30, 2020.
"We are appreciative of the Nasdaq Hearings Panel's decision to
grant us our requested extension for continued listing on Nasdaq.
The management team and Board of Directors have placed the highest
priority on our continued listing, and we want to assure all
stakeholders that we continue to work diligently to complete the
restatement," said Bart Weijermars, Interim CEO of
Pareteum.
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