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.
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 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.
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