EAGAN, Minn., June 20, 2018 /PRNewswire/ -- ConvergeOne
Holdings, Inc. (NASDAQ: CVON) ("ConvergeOne") today
announced that it has received a letter, dated June 19, 2018 (the "Delisting
Notice"), from the Listing Qualifications Department of The
Nasdaq Stock Market LLC ("Nasdaq") indicating that
Nasdaq intends to suspend and then delist ConvergeOne's warrants
(NASDAQ: CVONW) from The Nasdaq Capital Market at the opening of
business on June 28, 2018 for the
failure to meet the requisite number of warrant holders requirement
set forth in Nasdaq Listing Rule 5515(a)(4). ConvergeOne will
not appeal Nasdaq's decision to delist the warrants.
Delisting of Warrants
On February 22, 2018, ConvergeOne consummated the
transactions contemplated by the Agreement and Plan of Merger,
dated as of November 30, 2017, by and among Forum Merger
Corporation ("Forum"), FMC Merger Subsidiary Corp.,
FMC Merger Subsidiary LLC, C1 Investment Corp., and Clearlake
Capital Management III, L.P. (the "Business
Combination"). In connection with the closing, Forum
changed its name from Forum Merger Corporation to ConvergeOne
Holdings, Inc.
Following the completion of the Business Combination,
ConvergeOne submitted to Nasdaq data regarding round lot holders of
its common stock and warrants. Based on Nasdaq's review of such
data, it has concluded that ConvergeOne's warrants do not meet the
minimum 400 round lot holder requirement for listing as set forth
in Nasdaq Listing Rule 5515(a)(4). As such, on
June 19, 2018, Nasdaq issued the
Delisting Notice. ConvergeOne anticipates that its warrants
will remain eligible to be quoted and traded on the Pink Current
Information tier of the OTC markets under the trading symbol CVONW
following the suspension of trading on Nasdaq on June 28, 2018. No assurance, however, can
be made that trading in ConvergeOne's warrants in the OTC market
will commence or be maintained.
The delisting of ConvergeOne's warrants will not affect the
continued listing of ConvergeOne's common stock on The Nasdaq
Global Market.
About ConvergeOne
Founded in 1993, ConvergeOne is a leading global IT service
provider of collaboration and technology solutions for large and
medium enterprises with decades of experience assisting customers
to transform their digital infrastructure and realize a return on
investment. Over 7,200 enterprise and mid-market customers trust
ConvergeOne with collaboration, enterprise networking, data center,
cloud and security solutions to achieve business outcomes. Our
investments in cloud infrastructure and managed services provide
transformational opportunities for customers to achieve financial
and operational benefits with leading technologies. ConvergeOne has
partnerships with more than 300 global industry leaders, including
Avaya, Cisco, IBM, Genesys, and Microsoft to customize specific
business outcomes. We deliver solutions with a full life cycle
approach, including strategy, design, and implementation with
professional, managed, and support services. ConvergeOne holds more
than 2,100 technical certifications across hundreds of engineers
throughout North America, including three Customer
Success Centers. More information is available
at www.convergeone.com.
Forward Looking Statements
This press release includes "forward-looking statements"
regarding ConvergeOne, including the trading markets for
ConvergeOne's warrants following delisting, that reflect
ConvergeOne's views and information currently available. This
information is, where applicable, based on estimates, assumptions,
and analysis that ConvergeOne believes, as of the date hereof,
provide a reasonable basis for the information contained herein.
Forward-looking statements can generally be identified by the use
of forward-looking words such as "may", "will", "would", "could",
"intend", "anticipate", "believe" or other similar words, and
include statements regarding ConvergeOne's plans, activities,
events, strategies, objectives, targets and expected financial
performance. These forward-looking statements involve known and
unknown risks, uncertainties and other factors, many of which are
outside the control of ConvergeOne and its officers, employees,
agents, or associates. These risks, uncertainties, assumptions, and
other important factors include, but are not limited to:
(1) the possibility that ConvergeOne may be adversely affected
by other economic, business, and/or competitive factors and
(2) other risks and uncertainties indicated from time to time
in the sections titled "Risk Factors" and elsewhere in
ConvergeOne's Quarterly Report on Form 10-Q for the three months
ended March 31, 2018 and in other
documents filed or to be filed with the Securities and Exchange
Commission by ConvergeOne. Except as required under
applicable law, ConvergeOne expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein reflect any change in
ConvergeOne's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements
are based.
Media Contact:
Scott
Clark
Vice President, Marketing, ConvergeOne
651.393.3957
sclark@convergeone.com
Investor Relations Contact:
ICR for ConvergeOne
William Maina
646.277.1236
William.Maina@icrinc.com
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SOURCE ConvergeOne Holdings, Inc.