On March the 10th, Tangoe Inc. notified shareholders that the Nasdaq Hearings Panel had decided to delist the company’s common stock from the Nasdaq. Trading in the shares of TNGO will be suspended at the opening bell on Tuesday March the 14th. The Panel made their decision based on Tangoe’s non-compliance with the Securities Exchange Act of 1934. Nonetheless, the company’s stock will not disappear into the void. Instead, it will shift over to the OTC Markets and will continue to trade under the ticker TNGO. Tangoe also wants shareholders to know that they’ll continue to work diligently to regain compliance and get the stock relisted as soon as possible. The delisting comes after the company received a notification from Nasdaq regarding a delay in filing Form 10-Q on November 18, 2016.
The company’s Board of Directors is also open to other strategic options. This includes a potential non-binding acquisition proposal from Marlin Management Company. Tangoe, which is a leading global provider of TEM and IT software and services, is based out of Orange, Connecticut. The company offers strategic consulting, mobility, expense management, and a range of other services. On February the 27th of 2017, the company was awarded the “Best Technology Breakthrough” at the 9th annual Mobile Excellent Awards. During Friday’s trading, TNGO stock ticked up 1.38% to end the day at $5.89 per share.