NEW YORK, Nov. 15, 2019 /PRNewswire/ -- Pareteum
Corporation (Nasdaq: TEUM) the rapidly growing cloud
communications platform company, today announced that it has
received a notice from The Nasdaq Stock Market LLC ("Nasdaq")
stating that because the Company had not yet filed its Quarterly
Report on Form 10-Q for the period ended September 30, 2019 (the "Form 10-Q"), the Company
is no longer in compliance with Nasdaq Listing Rule 5250(c)(1).
Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely
file all required public financial reports with the Securities and
Exchange Commission. The Notice has no effect on the listing
of the Company's common stock at this time.
The Notice states that the Company has 60 calendar days to
submit to Nasdaq a plan to regain compliance with the Nasdaq
Listing Rules (the "Plan"). If Nasdaq accepts the Company's
Plan, then Nasdaq may grant the Company up to 180 days from the
prescribed due date for filing the Form 10-Q (as extended pursuant
to Rule 12b-25 under the Securities
Exchange Act of 1934), or until May 11,
2020, to regain compliance. The Company intends to submit
the Plan within the 60 calendar day period.
The Company previously announced its determination to restate
its issued consolidated financial statements as of and for the full
year ended December 31, 2018, and
interim periods ended March 31, 2019
and June 30, 2019 (collectively, the
"Non-Reliance Periods"). The Company will restate financial
statements for the Non-Reliance Periods in advance of filing the
Form 10-Q. The Company continues to work diligently to
complete its restatement and intends to file its Form 10-Q as soon
as reasonably practical.
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 will be, and
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 ability to complete
Pareteum's restatement of its previously issued
consolidated financial statements as of and for the full
year ended December 31, 2018, and interim periods
ended March 31, 2019 and June 30, 2019 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, (8) the risk that the filing of the restatement of the
affected financial statements will take longer than anticipated and
(9) the ability to submit the Plan within the prescribed 60
calendar-day period. 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.
Media Inquiries
Press@pareteum.com
Pareteum Investor Relations Contacts:
Carrie Howes
Investor Relations
+1 650 232 4238
carrie.howes@pareteum.com
Investor.relations@pareteum.com
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SOURCE Pareteum Corporation