CARLSBAD, Calif., Aug. 12, 2020 /PRNewswire/ -- NTN Buzztime, Inc.
(NYSE American: NTN), announced it received a letter from the NYSE
Regulation stating that it is not in compliance with NYSE American
LLC continued listing standards. Specifically, the letter states
that the company is not in compliance with Section 1003(a)(i) of
the NYSE American Company Guide (the "Company Guide") because it
reported stockholders' equity of less than $2 million as of June 30,
2020 and had net losses in two of its three most recent
fiscal years ended December 31, 2019.
The company's stockholders' equity was $1.9
million as of June 30,
2020.
The company previously announced it was not in compliance with
Sections 1003(a)(ii) and (iii) of the Company Guide because it
reported stockholders' equity of less than $6 million and $4
million as of December 31,
2019 and March 31, 2020,
respectively, and had net losses in its five most recent fiscal
years ended December 31, 2019. The
company's stockholders' equity was $5.09
million and $3.8 million as of
December 31, 2019 and March 31, 2020, respectively. As a result
of these non-compliance matters, the company is and has been
subject to the procedures and requirements of Section 1009 of the
Company Guide.
As previously announced, the Company submitted a plan to NYSE
Regulation advising of actions it has taken or will take to regain
compliance with Section 1003(a)(iii) by September 27, 2021, and NYSE Regulation accepted
that plan. If the company is not compliance with all continued
listing standards by September 27,
2021 or does not make progress consistent with its plan
during the plan period, the exchange will initiate delisting
proceedings as appropriate. The company can give no assurances that
it will be able to maintain the listing of its common stock on the
NYSE American. The company's common stock could be delisted because
it does not make progress consistent with its plan during the plan
period, because it does not regain compliance with Sections
1003(a)(i), (ii) and (iii) by September 27,
2021, or because it falls below compliance with other NYSE
American listing standards.
About Buzztime:
NTN Buzztime (NYSE American: NTN) delivers interactive
entertainment and innovative technology that helps its customers
acquire, engage and retain its patrons. The company's tablets,
mobile app and technology offer engaging solutions to
establishments that have guests who experience dwell time, such as
in bars, restaurants, casinos and senior living centers. For more
information, please visit http://www.buzztime.com or
follow us on Facebook or Twitter@buzztime.
IR AGENCY CONTACT:
Kirsten Chapman, LHA Investor
Relations
buzztime@lhai.com
415-433-3777
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SOURCE NTN Buzztime, Inc.