Pareteum Corporation Granted Extension by NYSE MKT for Compliance with Listing Requirements
NEW YORK, January 9, 2017 /PRNewswire/-- Pareteum Corporation (NYSE MKT: TEUM) ("Pareteum" or the "Company"), a leading provider of mobile networking software and services, today announced its receipt from the NYSE MKT LLC of a notice amending and extending the conditional grant period for the Company’s plan of compliance.
On January 5, 2017, Pareteum Corporation (the “Company”) received a notice from the NYSE MKT LLC (the “Exchange”) indicating that the Company is not currently in compliance with the Exchange’s continued listing standards as set forth in Section 1003(a)(ii), Section 1003(a)(iii), Section 1003(a)(iv) and Section 1003(f)(v) of the NYSE MKT Company Guide (the “Company Guide”). The Exchange further stated that the Company is also not in compliance with Section 1003(a)(i) since the Company’s reported stockholders’ equity as of September 30, 2016 was $(6.4) million and the Company has net losses in its last five most recent fiscal years ended December 31, 2015. The Exchange has since reviewed the Company’s most recent updates and determined to extend the plan period for the Company to regain compliance with Section 1003(a)(iv) through June 30, 2017 and Section 1003(a)(i), Section 1003(a)(ii), and Section 1003(a)(iii) through November 27, 2017. As previously disclosed in a Current Report on Form 8-K filed by the Company on December 9, 2016, the Company has until June 6, 2017 to regain compliance with Section 1003(f)(v).
“Pareteum continues its recovery process and with the extensions to June 30, 2017 and November 27, 2017, the Exchange has provided the Company with additional time to continue with the implementation of our growth plans, while now reviewing our progress on a quarterly basis,” said Hal Turner, Pareteum’s Executive Chairman. “The timeframes are also consistent with the recently announced restructuring of our senior secured debt, which together provide us with the ability to more fully execute on our expanded business with Vodafone, while growing our Global Cloud Platform through the building of a new sales team being assembled by our CEO, Vic Bozzo.”
Mr. Bozzo added, “the restructuring activities of 2016 are complete and have created a foundation for what we anticipate to be profitable growth in 2017 by enabling us to serve additional large and small service providers, enterprises and support new IoT solutions and application integrators.”
About Pareteum Corporation:
Pareteum Corporation, and its subsidiaries (also referred to as “Pareteum”, and “the Company”) provide a complete mobility cloud platform, utilizing messaging and security capabilities for the global Mobile, MVNO, Enterprise and IoT markets. Pareteum’s large MVNE customers, include Vodafone (NASDAQ: VOD, the world’s second largest mobile operator by customer), Zain (KW: ZAIN, the 4th largest mobile operator in the world in terms of geographical presence) and Cleartech. For more information, please visit: www.pareteum.com.
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