Pareteum receives noncompliance notice from Nasdaq
Pareteum announced that it has received a notice from Nasdaq stating that because the company had not yet filed its quarterly report on Form 10-Q for the period ended September 30, the company is no longer in compliance with Nasdaq Listing Rule 5250. Nasdaq Listing Rule 5250 requires listed companies to timely file all required public financial reports with the SEC. The notice has no effect on the listing of the company's common stock at this time. The notice states that the company has 60 calendar days to submit to Nasdaq a plan to regain compliance with the Nasdaq listing rules. If Nasdaq accepts the company's plan, then Nasdaq may grant the company up to 180 days from the prescribed due date for filing the Form 10-Q, or until May 11, 2020, to regain compliance. The company intends to submit the plan within the 60 calendar day period. The company previously announced its determination to restate its issued consolidated financial statements as of and for the full year ended December 31, 2018, and interim periods ended March 31 and June 30. The company will restate financial statements for the non-reliance periods in advance of filing the Form 10-Q. The company continues to work to complete its restatement and intends to file its form 10-Q as soon as reasonably practical.