REDWOOD SHORES, Calif., Nov. 06, 2018 (GLOBE NEWSWIRE) -- iPass Inc. (IPAS), a leading provider of global mobile connectivity and location technology, today announced that it has received written notification from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Nasdaq Hearings Panel (the “Panel”), after the most recent October 25, 2018 hearing before the Panel, has determined to delist the Company’s shares from The Nasdaq Capital Market, pending the applicable appeal and review periods. Accordingly, effective with the open of business on Wednesday, November 7, 2018, the trading in the Company’s common stock will be suspended on Nasdaq due to the Company’s non-compliance with the minimum $35 million market value of listed securities requirement. In accordance with the Nasdaq Listing Rules, the Company may request that the Panel reconsider its decision or appeal the delisting determination to the Nasdaq Listing and Hearing Review Council, but it must do so within the next 7 or 15 days, respectively. The Company is considering its options; however, a request for reconsideration or appeal would not stay the suspension of trading in the Company’s securities on Nasdaq, which has been scheduled for November 7, 2018. The notification states that Nasdaq will complete the delisting process by filing a Form 25 “Notification of Delisting” with the Securities and Exchange Commission (the “SEC”) after the applicable appeal and review periods have expired. The filing of the Form 25 will remove the Company from listing and registration on Nasdaq.
The Company’s shares will be immediately eligible to trade “over-the-counter” in the OTC Markets system effective with the open of business on November 7, 2018, under the current symbol “IPAS.” The Company may also file an application to have its shares quoted on the OTCQB® Market tier (“OTCQB”), which is operated by OTC Market Groups Inc. Additional information regarding the OTC Markets trading platform can be found at www.otcmarkets.com along with Company trading and quotation information. The Company will also continue to be registered with the SEC and will continue to file periodic financial reports that will be available on the SEC’s website, www.sec.gov.
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Source: iPass Inc.