Ominto, Inc. (Nasdaq:OMNT), a global provider of online Cash Back shopping, has announced that on August 22, 2017, it received a letter from the Nasdaq Stock Market, indicating that the company is not in compliance with Nasdaq´s continued listing requirements under the timely filing criteria outlined in Listing Rule 5250(c)(1), the company said.
Such non-compliance is a result of the company having not timely filed with the US Securities and Exchange Commission, its quarterly report on Form 10-Q for the quarter ended June 30, 2017 (the “Form 10-Q”).
The letter states that the company must submit a plan no later than October 23, 2017, setting forth the actions it will take to regain compliance with the Listing Rules for continued listing.
If Nasdaq accepts such plan, the company may be granted an exception of up to 180 calendar days from the date the Form 10-Q was due, or until February 12, 2018, to regain compliance. The company intends to submit a plan to Nasdaq as soon as practicable, but in no event later than October 23, 2017. The letter from Nasdaq has no immediate effect on the listing of the company´s common stock on the Nasdaq Capital Market.
Ominto, Inc. is a global e-commerce leader and pioneer of online Cash Back shopping, delivering value-based shopping and travel deals through its primary shopping platform and affiliated Partner Program websites. At DubLi.com or at Partner sites powered by Ominto.com, consumers shop at their favorite stores, save with the best coupons and deals, and earn Cash Back with each purchase. The Ominto.com platform features thousands of brand name stores and industry-leading travel companies from around the world, providing Cash Back savings to consumers in more than 120 countries. Ominto´s Partner Programs offer a white label version of the Ominto.com shopping and travel platform to businesses and non-profits, providing them with a professional, reliable web presence that builds brand loyalty with their members, customers or constituents while earning commission for the organization and Cash Back for shoppers on each transaction.