DENVER, March 23, 2018 (GLOBE NEWSWIRE) — Glowpoint, Inc. (NYSE American:GLOW) (“Glowpoint” or the “Company”), a managed service provider of video collaboration and network applications, announced today that the Company has regained compliance with the NYSE American LLC (the “Exchange”) continued listing standards.
As previously reported by the Company in a Current Report on Form 8-K on April 7, 2017, the Company received notice on April 5, 2017 stating that the Company was not in compliance with the continued listing standards of the NYSE American Company Guide (the “Company Guide”) relating to stockholders’ equity. The letter indicated that the Company was out of compliance with Section 1003(a)(ii) of the Company Guide, which requires a listed company to have stockholders’ equity of at least $4.0 million if it has reported losses from continuing operations or net losses in three of its four most recent fiscal years. As of December 31, 2017, the Company had stockholders’ equity of $12.3 million. In a letter dated March 22, 2018, NYSE Regulation notified the Company that it had successfully regained compliance with the NYSE American continued listing standards.
“We are pleased that we have regained compliance with the NYSE American’s continued listing standards,” stated Glowpoint President and CEO Peter Holst. “The Company’s ability to regain full compliance was directly attributable to the successful completion of a series of recent financial transactions that has significantly strengthened our balance sheet.”
Effective March 23, 2018, the “.bc” designation (signifying non-compliance with NYSE American listing standards) will be removed from the Company’s trading symbol. In addition, the Company will be removed from the list of NYSE American noncompliant issuers on the Exchange’s website.
Glowpoint, Inc. (NYSE American:GLOW) is a managed service provider of video collaboration and network applications. Our services are designed to provide a comprehensive suite of automated and concierge applications to simplify the user experience and expedite the adoption of video as the primary means of collaboration. Our customers include Fortune 1000 companies, along with small and medium enterprises in a variety of industries. To learn more please visit www.glowpoint.com.
Forward looking and cautionary statements
This press release and any oral statements made regarding the subject of this release contain forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, that address activities that Glowpoint assumes, plans, expects, believes, intends, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events, and involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. A list and description of these and other risk factors can be found in the Company’s Annual Report on Form 10-K for the year ending December 31, 2017 and in other filings made by the Company with the SEC from time to time. Any of these factors could cause Glowpoint’s actual results and plans to differ materially from those in the forward-looking statements. Therefore, Glowpoint can give no assurance that its future results will be as estimated. Glowpoint does not intend to, and disclaims any obligation to, correct, update or revise any information contained herein.