Global Eagle Announces Receipt of NASDAQ Notification
September 14 2017 - 4:14PM
On September 13, 2017, Global Eagle Entertainment Inc. (Nasdaq:ENT)
("Global Eagle" or the "Company") received a notification from the
Listing Qualifications Department of The NASDAQ Stock Market LLC
(“NASDAQ”) stating that the Company did not meet NASDAQ’s September
12, 2017 deadline to regain compliance with NASDAQ Listing Rule
5250(c)(1). The Company is not in compliance with this
Listing Rule because it has not yet filed its Annual Report on Form
10-K for the fiscal year ended December 31, 2016 or its Quarterly
Reports on Form 10-Q for the fiscal quarters ended March 31, 2017
and June 30, 2017. The NASDAQ letter has no immediate effect
on the listing of the Company’s common stock on The NASDAQ Capital
Market.
The NASDAQ letter however states that NASDAQ has determined to
delist the Company’s securities, but that the Company may appeal
that determination to a NASDAQ Hearings Panel by submitting a
notice of appeal prior to September 20, 2017. The Company
intends to submit this notice of appeal prior to that deadline, and
that submission will stay any suspension of trading in the
Company’s securities for at least 15 days after the
submission. The Company will also request that NASDAQ grant
an additional stay of any trading suspension beyond the 15-day
period, which additional stay NASDAQ has the authority to grant
through the date that the NASDAQ Hearings Panel issues its decision
regarding our appeal. NASDAQ will determine whether to grant
the additional stay of the trading suspension on or prior to
October 5, 2017. The NASDAQ Hearings Panel will convene to
consider the Company’s appeal in approximately late October or
early November 2017 and render its decision on the appeal
approximately one week thereafter. The NASDAQ Hearings Panel
has the authority to grant a further extension (until March 2018)
for the Company to regain compliance with the Listing Rule.
About Global Eagle
Global Eagle is a leading provider of media, content,
connectivity and data analytics to markets across air, sea and
land. Global Eagle offers a fully integrated suite of rich media
content and seamless connectivity solutions to airlines, cruise
lines, commercial ships, high-end yachts, ferries and land
locations worldwide. With approximately 1,500 employees and 50
offices on six continents, the company delivers exceptional service
and rapid support to a diverse customer base. Find out more at:
www.GlobalEagle.com.
Cautionary Note Concerning Forward-Looking
Statements
We make “forward-looking statements” herein within the meaning
of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995, including with respect to the NASDAQ
Hearings Panel process and the outcome thereof. These
forward-looking statements are based on information available to us
as of the date of this release and on our current expectations,
forecasts and assumptions, and involve substantial risks and
uncertainties. Accordingly, forward-looking statements should not
be relied upon as representing our views as of any subsequent date,
and we do not undertake any obligation to update forward-looking
statements to reflect events or circumstances after the date they
were made, whether as a result of new information, future events or
otherwise, except as may be required under applicable securities
laws. A detailed discussion of risks and uncertainties related to
our business is included in the section entitled “Risk Factors” in
our most recent Annual Report on Form 10-K and subsequently filed
Quarterly Reports on Form 10-Q.
Contact:
Peter A. LopezVice President, Investor
Relations+1 310-740-8624investor.relations@geemedia.com
Global Eagle Entertainment (NASDAQ:ENT)
Historical Stock Chart
From Sep 2024 to Oct 2024
Global Eagle Entertainment (NASDAQ:ENT)
Historical Stock Chart
From Oct 2023 to Oct 2024