Company has provided Nasdaq notice of upcoming Form 25 filing
ORANGE, Conn.--(BUSINESS WIRE)--
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 in order to complete the expected
delisting of its common stock previously announced, the Company intends
to file a Form 25 (Notification of Removal from Listing and/or
Registration under Section 12(b) of the Securities Exchange Act of 1934)
with the Securities and Exchange Commission (the "SEC") on March 27,
2017 to delist the Company's common stock from The Nasdaq Stock Market
("Nasdaq") and to deregister its common stock under Section 12(b) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). The
Company expects that the delisting and deregistration will become
effective ten days and ninety days, respectively, from the date of
filing. The Company today provided notice to Nasdaq of the Company's
intention to file the Form 25.
The Company determined to file the Form 25 so that it can move ahead
with plans to achieve compliance with its Exchange Act reporting
obligations and related activities with better certainty regarding the
timing of its delisting and deregistration. As previously disclosed, the
Company received notice on March 10, 2017 from the Nasdaq Hearings Panel
(the "Panel") that the Panel had determined to delist its common stock
from The Nasdaq Stock Market, the immediate effect of which was to
suspend the trading of shares of Tangoe's common stock from The Nasdaq
Global Select Market at the open of business on Tuesday, March 14, 2017,
in connection with the Company's previously disclosed non-compliance
with Exchange Act filing requirements as set forth in Nasdaq Listing
Rule 5250(c)(1). Nasdaq customarily files a Form 25-NSE with the SEC at
least 45 days after a suspension occurs, although the timing of such
filing can vary. In January 2017, the Company 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.
Since the suspension of trading of Tangoe's common stock from NASDAQ,
the Company's stock has been trading on the OTC Markets Group Inc. under
the ticker TNGO.
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.
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 timing of the delisting of the Company's 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 uncertainty that
delisting and deregistration might take longer than expected.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170316006267/en/
Seth Potter, 646-277-1230
Shannon Cortina, 732-637-2010
Source: Tangoe, Inc.
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