Net Element (NASDAQ:NETE) Maintains Listing following Meeting with Nasdaq Hearings Panel
- Nasdaq Hearings Panel grants decision on listing based on shareholder equity and minimum bid issues, conditional on NETE providing evidence of compliance by October 20, 2017
- NETE says impact of its cost cutting program should be realized by the third quarter of 2017
- Zack’s Research Report projects that NETE will generate sales of $74.6 million by FY2018
New York, New York, 08:30 EDT August 30, 2017 (NetworkNewsWire) – Net Element, Inc.’s (
NASDAQ:NETE) common stock will continue to be traded on the Nasdaq Capital Market after the company met with the exchange’s Nasdaq Hearings Panel. The panel’s decision to grant the company’s request is conditional on NETE providing evidence of compliance with Nasdaq’s regulations by October 20, 2017, as noted by the company in a news release (http://nnw.fm/VzMj3).
NETE is a cloud-based financial company that accepts electronic payments in an omni-channel environment. The payments are processed at point-of-sale and on mobile devices. The firm also offers management tools for clients. A Zack’s Research report projected that NETE would generate $74.6 million in sales by 2018 (http://nnw.fm/87fIz).
NETE received an initial letter from Nasdaq explaining that, because the company was no longer in compliance with its regulations concerning shareholders’ equity and minimum bid price, its stock would be delisted. In a meeting afterward, NETE presented its plan for Nasdaq regulation compliance on both issues.
“We are working diligently to comply with Nasdaq’s listing requirements while improving shareholder value,” Oleg Firer, chief executive officer of NETE, stated in a news release. However, the company said there can be no assurance it will cure its stockholders’ equity or bid price deficiencies.
Nasdaq requires $2.5 million in shareholder equity. The exchange cited NETE’s shareholder equity of only $1,975,435 for the quarter ended June 30. The exchange also has a regulation requiring a $1 minimum bid.
In a July 2017 letter to shareholders, NETE said its institution of a cost cutting program should be realized by the third quarter of 2017.
For more information, visit the company’s website at www.NetElement.com
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