Paysign, Inc. Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Annual Report on Form 10-K
April 03 2020 - 8:45AM
Business Wire
Paysign, Inc. (NASDAQ: PAYS), a vertically integrated provider
of innovative prepaid card programs, digital banking and processing
services for corporate, consumer and government applications, today
announced that it received a standard notice from The Nasdaq Stock
Market LLC (“Nasdaq”) stating that, as a result of not having
timely filed the company’s annual report on Form 10-K for the year
ended December 31, 2019 (the “Form 10-K”), the company is not in
compliance with Nasdaq Listing Rule 5250(c)(1), which requires
timely filing of periodic financial reports with the Securities and
Exchange Commission (“SEC”). The notice from Nasdaq has no
immediate effect on the listing or trading of the Company’s common
stock on the Nasdaq Capital Market.
Under Nasdaq’s listing rules, the company has 60 calendar days
from the date of the notice, or until June 1, 2020, to submit a
plan to regain compliance. The company has now filed its Form 10-K
and expects that Nasdaq will accept this filing as curing the
company’s deficiency.
As previously disclosed in its Notification of Late Filing on
Form 12b-25 filed with the SEC on March 16, 2020, the company was
delayed in its filing of its Form 10-K as a result of completing
the audit of the financial statements required in the Form
10-K.
About Paysign, Inc.
Paysign, Inc (NASDAQ: PAYS) is an experienced and trusted
prepaid debit card payment solutions provider as well as an
integrated payment processor that has managed millions of prepaid
debit cards in its portfolio. Paysign conceptualizes, develops and
manages payment solutions, prepaid card programs, and customized
payment services. Paysign’s corporate incentive prepaid cards are
changing the way corporations reward, motivate, and engage their
current and potential customers, employees, and agents. Paysign’s
customizable solutions offer significant cost savings while
improving brand recognition and customer loyalty. For over 15 years
healthcare companies, major pharmaceutical companies,
multinationals, prestigious universities, and social media
companies have relied on Paysign to provide state of the art
prepaid payment programs tailored to their unique requirements.
Paysign is a registered trademark of Paysign, Inc. in the United
States and other countries. For more information visit us at
paysign.com, or follow us on Facebook, Twitter, and LinkedIn.
Forward-Looking Statements
Certain statements in this news release may contain
forward-looking information within the meaning of Rule 175 under
the Securities Act of 1933 and Rule 3b-6 under the Securities
Exchange Act of 1934, and are subject to the safe harbor created by
those rules. All statements, other than statements of fact,
included in this release, including, without limitation, statements
curing the company’s deficiency with Nasdaq ,are forward-looking
statements that involve risks and uncertainties. We caution that
these statements are qualified by important risks, uncertainties,
and other factors that could cause actual results to differ
materially from those reflected by such forward-looking statements.
Such factors include, among others, the inability to continue our
current growth rate in future periods, identified material
weaknesses in our internal control over financial reporting which
could, if not remediated, adversely affect our ability to report
our financial condition and results of operations in a timely and
accurate manner, a downturn in the economy, including as a result
of COVID-19, could reduce our customer base and demand for our
products and services, which could have an adverse effect on our
business, financial condition, profitability, and cash flows,
operating in a highly regulated environment, failure by us or
business partners to comply with applicable laws and regulations,
changes in the laws, regulations, credit card association rules or
other industry standards affecting our business, and a data
security breach could expose us to liability and protracted and
costly litigation. Except to the extent required by federal
securities laws, the company undertakes no obligation to publicly
update or revise any statements in this release, whether as a
result of new information, future events, or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200403005082/en/
Paysign, Inc. Jim McCroy, 702-749-7269 Investor Relations
ir@paysign.com http://www.paysign.com
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