Benzinga | Nov 10, 2020 04:36PM EST

Pareteum Says Was Notified By Nasdaq Co.'s Stock will Be Delisted

NEW YORK, Nov. 10, 2020 /PRNewswire/ -- Pareteum Corporation (NASDAQ:TEUM), a global cloud communications platform company, announced today that the Company notified the Hearings Panel (the "Panel") of The Nasdaq Stock Market LLC ("Nasdaq") that it would not be able to file its Quarterly Report on Form 10-Q for the period ended September 30, 2019, its amended Annual Report on Form 10-K/A for the year ended December 31, 2018, its Annual Report on Form 10-K for the year ended December 31, 2019 or its Quarterly Reports on Form 10-Q for the periods ended March 31, 2020 and June 30, 2020 (collectively, the "Delinquent Filings") by November 9, 2020, the date by which the Panel had required the Company to make such Delinquent Filings in order for the Company's common stock to remain listed on Nasdaq.

In response to the Company's notice to Nasdaq that it would not satisfy the conditions to the exception granted by the Panel, Nasdaq notified the Company by letter dated November 10, 2020 that the Company's common stock would be delisted and that trading of the Company's common stock on Nasdaq's Capital Market will be suspended effective at the open of business on November 12, 2020.

After the trading of the Company's common stock is suspended by Nasdaq, the common stock is expected to trade on the Pink OTC Markets, Inc. (the "Pink Sheets"). The Company can provide no assurance that the Company's common stock will commence trading on this market, whether broker-dealers will continue to provide public quotes of the common stock on this market, whether the trading volume of the common stock will be sufficient to provide for an efficient trading market or whether quotes for the common stock will continue on this market in the future. The suspension of trading and formal delisting of the Company's common stock from Nasdaq, and the expected transition to the Pink Sheets, does not affect the Company's operations or business and does not change its reporting requirements under the rules of the SEC.

In a separate press release, the company issued a shareholder letter which provides an update on recent progress that has been made at the Company including business highlights, the completion of our internal investigation, an update on the restatement process we announced in the fourth quarter of 2019, as well as our plans to apply for relisting on Nasdaq or another national securities exchange.