Tangoe (TNGO) Announces Receipt of NASDAQ Letter Related to Delay in Filing
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Tangoe, Inc. (NASDAQ: TNGO), a leading global provider of IT and Telecom Expense Management (TEM) software and related services, today announced that, as expected and in connection with the Company's delay in the filing of its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2016, it has received a letter (the “Letter”) from NASDAQ stating that the Company is not in compliance with Listing Rule 5250(c)(1) (the “Rule”). The Rule requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “SEC”).
As previously announced on March 24, May 19 and August 19, 2016, Tangoe received letters from NASDAQ stating that the Company was not in compliance with the Rule as a result of the Company's delay in the filing of its Annual Report on Form 10-K for 2015 and its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31 and June 30, 2016, respectively. As previously disclosed in the Company’s Form 12b-25 filed with the SEC on November 10, 2016, the Company’s inability to timely file its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2016 was a result of the ongoing restatement of its financial statements. This late filing was anticipated by the Company and was factored into the plan of compliance it presented to the Nasdaq Hearings Panel (the “Panel”) at its November 3, 2016 hearing.
Also as previously disclosed, on November 9, 2016, the Panel determined to continue the listing of Tangoe’s common stock through March 10, 2017, the maximum extension that was available to the Panel under the NASDAQ Listing Rules, subject to several requirements including that Tangoe become current in all SEC periodic public filings by March 10, 2017. While the Company is hopeful that it will regain compliance with NASDAQ’s filing requirement by March 10, 2017, and that the Panel will leave its previous decision unchanged, no assurances can be provided by the Company that either will occur.
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