Mer Telemanagement Solutions Ltd. (MTSL) a provider of operations support systems for telecommunication management, customer care billing solutions, CRM and ERP solutions announced that it obtained a letter from the Listing Qualifications Staff of The Nasdaq Stock Market informing that MTSL is not in compliance with the least stockholders’ equity condition for continued listing on the Nasdaq Capital Market making the company ineligible.
Mer Telemanagement Solutions Ltd. (MTSL) stock price has plunged -1.91% at $2.57 in the current market. The price range of the company’s shares was between $2.52 and $2.93. In the past 12 months, the company’s stock has advanced 178.72%, and in the last week, the stock has moved up 6.50%.
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Deficiency With Nasdaq Listing Requirement
Nasdaq Listing Rule 5550(b)(1) considers it vital for companies to maintain stockholders’ equity of a minimum of $2,500,000. Also, MTSL did not fulfill the alternative compliance standards linked to the market value of listed securities or net income from continuous operations, in accordance to Nasdaq Marketplace Rule 5550(b)(1).
As set forth with Nasdaq Marketplace Rule 5810(c)(2)(A), Mer Telemanagement Solutions Ltd. Will have has 45 calendar days, or until July 8, 2021, for submission of a plan to regain compliance. If the plan is approved, Nasdaq can provide an extension of up to 180 calendar days initiated from the date of the letter to evidence compliance. However, the notification letter does not have any immediate effect on the MTSL’s listing on the Nasdaq Capital Market.
As priorly reported on April 15, 2021, Mer Telemanagement Solutions Ltd initiated a definitive Agreement and Plan of Merger with SharpLink, Inc., a company incorporated in accordance to the laws of the State of Minnesota and a global online technology company that specializes in sports leagues, fantasy sports sites and media companies that allows fans to be associated to pertinent and prompt betting content based from its sportsbook partners. MTSL aims to close the merger to regain compliance with the requisite Nasdaq listing requirements.
The Boards of Directors at both companies have unanimously supported the deal. The companies are in the process of completion of customary closing conditions, which is inclusive of getting approval from regulators and MTSL shareholders.
Conclusion
MTSL stock price plunged after notification regarding the company not being in compliance with minimum stockholder’s equity condition. However potential merger with Sharplink may improve the situation substantially.