InterCloud Systems (ICLD) Won't Appeal Nasdaq Delisting; Will Apply to OTC-QX
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InterCloud Systems, Inc. (Nasdaq: ICLD) announced that rather than appeal the NASDAQ delisting determination, the Company would seek listing on the OTC-QX.
The Company has embarked on a plan to reduce costs as well as restructure and significantly reduce the debt on its balance sheet. In that regard, and as a first step, the Company announced that it has eliminated more than $14.1 million of debt from its balance sheet in the last week, as well as all derivative liabilities associated with that debt.
Mark Munro, Chairman and CEO of InterCloud, stated, “We have undertaken measures to reduce our operating expenditures, restructure our debt, and divest ourselves of non-core assets. Just this week we eliminated over $14.1 Million in debt from our balance sheet, as well as cash interest payments and derivative liabilities associated with that debt. In order to further these debt restructuring efforts, the Board of Directors determined that it would be more prudent to continue our public listing on the OTC-QX rather than on NASDAQ, in order to take advantage of increased flexibility in effectuating the aforementioned restructuring, as well as postpone the shareholder approved reverse-split. We believe that this is the start of our efforts to substantially de-leverage the Company and become cash flow positive as we grow our industry disruptive Software Defined Networking and Network Function Virtualization services and solutions.”
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