Tangoe, Inc. (NASDAQ: TNGO), a leading global provider of IT and Telecom Expense Management (TEM) software and related services, has 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 company said.
The Panel´s determination was made in connection with Tangoe´s previously disclosed non-compliance with Securities Exchange Act of 1934.
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.
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.
Tangoe 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.