ORANGE, Conn.--(BUSINESS WIRE)--Tangoe, Inc. (NASDAQ:TNGO), a leading global provider of IT Expense Management (ITEM), which includes Telecom Expense Management (TEM), Managed Mobility Services (MMS), and Cloud Expense Management 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 March 31, 2016, it has received a letter from NASDAQ stating that the Company is not in compliance with Listing Rule 5250(c)(1). This rule requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission. As previously announced on March 24, 2016, the Company received a letter from NASDAQ stating that the Company was not in compliance with Listing Rule 5250(c)(1) as a result of the Company’s delay in the filing of its Annual Report on Form 10-K for 2015.
On May 19, 2016, in accordance with the requirements set forth in the letters it has received from NASDAQ, Tangoe submitted to NASDAQ a plan to regain compliance with Listing Rule 5250(c)(1). The Company's common stock will continue to trade on the NASDAQ Global Select Market pending NASDAQ's review of the plan of compliance.
As previously announced on March 7, 2016, the Company will restate its financial statements for the years 2013 and 2014, and the first three quarters of 2015. The Company is diligently pursuing completion of the restatement and intends to file its 10-Q for the quarterly period ended March 31, 2016 as soon as reasonably practicable.
Tangoe (NASDAQ:TNGO) is a leading global provider of IT Expense Management (ITEM), which includes Telecom Expense Management (TEM), Managed Mobility Services (MMS), and Cloud Expense Management software and services to a wide range of global enterprises and service providers. The Matrix is Tangoe's technology and services platform designed to help companies transform the management of IT assets, services, expenses and usage to create business value, increase efficiency and deliver a positive impact to the bottom line. Additional information about Tangoe can be found at www.tangoe.com.
Tangoe is a registered trademark of Tangoe, Inc.
Except for statements of historical fact, the matters discussed herein are "forward-looking statements" within the meaning of the applicable securities laws and regulations. The words “estimates”, “expects” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements, including statements regarding Tangoe’s plans to comply with the continued listing requirements of The NASDAQ Stock Market and file a Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2016, involve risks and uncertainties which may cause actual results to differ materially from those stated here. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the outcome of NASDAQ's review of Tangoe’s plan of compliance, and the timing and outcome of any NASDAQ decision. Forward-looking statements reflect management's analysis as of the date hereof. The Company does not undertake to revise these statements to reflect subsequent developments.