NEW YORK, April 19, 2019 /PRNewswire/ -- Fusion
(Nasdaq: FSNN), a leading provider of cloud services, today
announced that it received a letter from the Listing Qualifications
Department of The Nasdaq Stock Market on April 16, 2019 informing the Company that it has
not paid certain fees required by Listing Rule 5250(f).
Nasdaq has indicated that the non-payment of the fee is a basis
for delisting the Company's securities from Nasdaq. As previously
disclosed, on April 4, 2019, Fusion
received notification from Nasdaq stating that, as a result of not
having timely filed its annual report on Form 10-K for the year
ended December 31, 2018, it is not in
compliance with Nasdaq Listing Rule 5250(c)(1).
The Company has decided that it is not in its best interest to
challenge Nasdaq's determination at this time and anticipates, as
indicated in Nasdaq's letter, that the Company's common stock will
be delisted from the Nasdaq Global Market and suspended effective
at the opening of business on April 25,
2019. The common stock will remain listed on the Nasdaq
under the symbol FSNN until delisted.
Following the delisting, the Company anticipates that its common
stock will be eligible to be quoted on the over-the-counter market,
but no assurance can be made that trading in the Company's common
stock on the over-the-counter market will commence or be
maintained. The over-the-counter market is a significantly more
limited market than The Nasdaq Global Market, and the transition to
the over-the-counter market is likely to result in there being a
less liquid market available for existing and potential holders of
the Company's common stock, and could further depress the trading
price of the Company's common stock.
About Fusion
Fusion, a leading provider of integrated
cloud solutions to small, medium and large businesses, is the
industry's Single Source for the Cloud®. Fusion's advanced,
proprietary cloud services platform enables the integration of
leading-edge solutions in the cloud, including cloud
communications, contact center, cloud connectivity, and cloud
computing. Fusion's innovative, yet proven cloud solutions lower
our customers' cost of ownership, and deliver new levels of
security, flexibility, scalability, and speed of deployment. For
more information, please visit www.fusionconnect.com.
Forward Looking Statements
Statements in this press
release that are not purely historical facts, including statements
regarding Fusion's beliefs, expectations, intentions or strategies
for the future, may be "forward-looking statements" under the
Private Securities Litigation Reform Act of 1995. Such statements
consist of any statement other than a recitation of historical fact
and may sometimes be identified by the use of forward-looking
terminology such as "may", "expect", "anticipate", "intend",
"estimate" or "continue" or the negative thereof or other
variations thereof or comparable terminology. The reader is
cautioned that all forward-looking statements, including those
relating to the Company's listing and delisting from Nasdaq and the
trading of the Company's common stock on the over-the-counter
market, are speculative, and there are certain risks and
uncertainties that could cause actual events or results to differ
from those referred to in such forward-looking statements.
Fusion Contact
Brian Coyne
1-212-201-2404
bcoyne@fusionconnect.com
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SOURCE Fusion