Tangoe, Inc. Announces Suspension of Trading from NASDAQ
10 March 2017 - 9:15PM
Business Wire
Company continues to evaluate strategic options
in line with the Board’s commitment to act in stockholders’ best
interests
Tangoe, Inc. (NASDAQ:TNGO; the "Company" or "Tangoe"), a
leading global provider of IT and Telecom Expense Management (TEM)
software and related services, today announced that, as expected,
it received notice from the Nasdaq Hearings Panel (the "Panel")
that the Panel has determined to delist Tangoe’s common stock from
the Nasdaq Stock Market and will suspend the trading of shares of
Tangoe common stock from the Nasdaq Global Select Market effective
at the open of business on Tuesday, March 14, 2017.
The Panel's determination was made in connection with Tangoe’s
previously disclosed non-compliance with Securities Exchange Act of
1934, as amended (the “Exchange Act”) filing requirements, as set
forth in Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”).
Following the suspension of trading of Tangoe’s common stock
from NASDAQ, the Company expects for its stock to trade on the OTC
Markets Group Inc. (the "Pink Sheets") under the ticker TNGO.
Separately, Tangoe continues to work diligently toward
completing its financial restatement process and plans to achieve
compliance with its Exchange Act reporting obligations and plans to
seek relisting as soon as practicable. Additionally, the Board of
Directors continues to evaluate Tangoe’s strategic options, which
include the previously disclosed, non-binding acquisition proposal
from Marlin Management Company, LLC, in line with the Board’s
commitment to act in stockholders’ best interests.
As previously disclosed, on November 9, 2016, the Panel had
determined to continue the Company’s common stock listing until
March 10, 2017 to provide the Company the opportunity to regain
compliance with the Listing Rule by such date. Also as previously
disclosed, following a determination by the Audit Committee of the
Company’s Board that it was unlikely that the Company would be able
to complete its ongoing restatement of its financial statements by
March 10, 2017, the Company informed Nasdaq on December 30, 2016
that it was unlikely to regain compliance with the Listing Rule by
March 10, 2017. In January 2017, the Company had also received a
deficiency letter from Nasdaq regarding its non-compliance with
Nasdaq Listing Rule 5620(a) for its failure to hold an annual
meeting of stockholders no later than December 31, 2016.
About Tangoe
Tangoe, Inc. (NASDAQ:TNGO) is a leading global provider of
IT and Telecom Expense Management (TEM) software and related
services to a wide range of global enterprises and service
providers. Tangoe helps companies transform the management of
IT assets, services, expenses, and usage to create business value,
increase efficiency, and deliver a positive impact to the bottom
line. Additional information about Tangoe can be found
at www.tangoe.com.
Tangoe is a registered trademark of Tangoe, Inc.
Forward-looking statements
Except for statements of historical fact, the matters discussed
herein are "forward-looking statements" within the meaning of the
applicable securities laws and regulations. Forward-looking
statements, including statements regarding the possibility of
pursuing or completing a transaction with Marlin, the timing of the
delisting of the Company’s common stock, the possibility of the
Company’s common stock trading on the Pink Sheets, and the
Company’s plans to seek relisting of its common stock, involve
risks and uncertainties which may cause actual outcomes to differ
materially from those stated here. Factors that could cause actual
outcomes to differ materially from those in the forward-looking
statements include, but are not limited to, the risks and
uncertainties that generally accompany potential acquisition
transactions, the uncertainty regarding broker quotation of the
Company’s common stock, and the risks and uncertainties regarding
the Company’s ability to complete its financial restatement process
in a timely manner or at all. Forward-looking statements reflect
management's analysis as of the date hereof. The Company does not
undertake to revise these statements to reflect subsequent
developments.
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version on businesswire.com: http://www.businesswire.com/news/home/20170310005721/en/
Investors:ICR, Inc.Seth Potter,
646-277-1230investor.relations@tangoe.comorMedia:Tangoe,
Inc.Shannon Cortina, 732-637-2010shannon.cortina@tangoe.com