RA'ANANA, Israel and
RIVER EDGE, N.J., June 30, 2017 /PRNewswire/ -- MTS – Mer
Telemanagement Solutions Ltd. (NASDAQ Capital Market: MTSL), a
global provider of telecommunications expense management and
enterprise mobility management solutions and video advertising
solutions for online and mobile platforms, announced today that
after submitting its plan to regain compliance with the minimum
$2,500,000 in stockholders' equity
requirement as set forth in NASDAQ Marketplace Rule 4320(e)(2)(B),
it received a notice from the Listing Qualifications Department of
NASDAQ advising that it has until August 15,
2017 to regain compliance.
The Company's plan to regain compliance with the minimum
stockholders' equity requirement includes the conversion of
$1.2 million of outstanding debt owed
to the former shareholders of Vexigo Ltd. into equity and a
proposed infusion of equity capital, subject to obtaining a tax
pre-ruling and to corporate and regulatory approvals. The plan to
regain compliance is detailed in the Company's Proxy Statement for
its Annual General Meeting of Shareholders to be held on
August 13, 2017, that was furnished
to the Securities and Exchange Commission on June 29, 2017. Among the items to be voted on at
the Annual Meeting is the approval of a proposed equity investment
by certain current shareholders of the Company, including certain
directors and a former officer. No assurance can be given that the
Company will be successful in its efforts to regain compliance.
As previously announced, the Company has until August 21, 2017 to regain compliance with
the $1.00 minimum bid price
requirement of NASDAQ. If at any time prior to August 21, 2017, the closing bid price of the
Company's ordinary shares is at least $1.00 for a minimum of ten consecutive business
days, the Company will regain compliance. In the event the Company
does not regain compliance, it may be eligible for an additional
180 calendar days' extension to regain compliance. To qualify, the
Company will be required to meet the continued listing requirement
for market value of publicly held shares and all other listing
standards for the Nasdaq Capital Market, with the exception of the
bid price requirement, and will need to provide written notice of
its intention to cure the deficiency during the second compliance
period, by effecting a reverse stock split, if necessary.
Shareholder ratification of a reverse split is also being sought at
the August 13, 2017 Annual
Meeting.
About MTS
Mer Telemanagement Solutions Ltd. (MTS) is a provider of video
advertising solutions for online and mobile platforms through
Vexigo as well as a provider of innovative products and services
for telecom expense management (TEM) and enterprise mobility
management (EMM).
Vexigo (www.vexigo.com) is a global provider of online
video advertising software and services delivering compelling
results through a propriety in-house technology and an easy-to-use
and very effective publishing platform specifically designed for
content publishers.
Headquartered in Israel, MTS
markets its solutions through wholly owned subsidiaries in
Israel, the United States and Hong Kong and through distribution channels.
For more information please visit the MTS web site:
www.mtsint.com.
Certain matters discussed in this news release are
forward-looking statements that involve a number of risks and
uncertainties including, but not limited to, risks in product
development plans and schedules, rapid technological change,
changes and delays in product approval and introduction, customer
acceptance of new products, the impact of competitive products and
pricing, market acceptance, the lengthy sales cycle, proprietary
rights of the Company and its competitors, risk of operations in
Israel, government regulations,
dependence on third parties to manufacture products, general
economic conditions and other risk factors detailed in the
Company's filings with the United States Securities and Exchange
Commission.
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SOURCE Mer Telemanagement Solutions Ltd.