Inventergy to request an appeal of determination while trading on OTC
CAMPBELL, CA -- (Marketwired) -- 06/07/17 -- Inventergy Global, Inc. (NASDAQ: INVT) ("Inventergy"), today announced that it has received a letter from the Nasdaq Hearings Panel ("Panel"), dated June 5, 2017, which states that Nasdaq will suspend trading in the Company's shares effective at the open of business on June 7, 2017 and delist its common stock from the Nasdaq Capital Market. Following the suspension of trading on Nasdaq, Inventergy expects its common stock to trade on the electronic quotation service operated by OTC Markets Group Inc. (www.otcmarkets.com) under its current ticker symbol "INVT."
The Nasdaq Panel made its determination due to Inventergy's failure to comply with the requirement to maintain a minimum $2.5 million in stockholders' equity in Listing Rule 5550(b)(1) and the minimum bid price requirement in Listing Rule 5550(a)(2).
Inventergy believes that it is currently in compliance with the stockholders' equity requirement. The Company issued a Form 8K on June 6, 2017 stating its compliance since April 30, 2017, having stockholders' equity of approximately $7.2 million. Accordingly, the Company has requested that the Panel reconsider its delisting determination and has subsequently provided the Panel with additional information indicating the Company's compliance with the stockholders' equity requirement, requesting an additional 180 calendar days to regain compliance with the minimum bid price requirement.
About Inventergy Global, Inc.
Inventergy Global, Inc. is Silicon Valley-based intellectual property company dedicated to identifying, acquiring and licensing the patented technologies of market-significant technology leaders. Led by IP industry pioneer and veteran Joe Beyers, the Company leverages decades of corporate experience, market and technology expertise, and industry connections to assist Fortune 500 companies in leveraging the value of their innovations to achieve greater returns. For more information about Inventergy Global, visit www.inventergy.com.
Source: Inventergy Global, Inc.