LOS ANGELES, Sept. 14, 2017 (GLOBE NEWSWIRE) -- On September 13, 2017, Global Eagle Entertainment Inc. (Nasdaq:ENT) ("Global Eagle" or the "Company") received a notification from the Listing Qualifications Department of The NASDAQ Stock Market LLC (“NASDAQ”) stating that the Company did not meet NASDAQ’s September 12, 2017 deadline to regain compliance with NASDAQ Listing Rule 5250©(1). The Company is not in compliance with this Listing Rule because it has not yet filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2016 or its Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2017 and June 30, 2017. The NASDAQ letter has no immediate effect on the listing of the Company’s common stock on The NASDAQ Capital Market.
The NASDAQ letter however states that NASDAQ has determined to delist the Company’s securities, but that the Company may appeal that determination to a NASDAQ Hearings Panel by submitting a notice of appeal prior to September 20, 2017. The Company intends to submit this notice of appeal prior to that deadline, and that submission will stay any suspension of trading in the Company’s securities for at least 15 days after the submission. The Company will also request that NASDAQ grant an additional stay of any trading suspension beyond the 15-day period, which additional stay NASDAQ has the authority to grant through the date that the NASDAQ Hearings Panel issues its decision regarding our appeal. NASDAQ will determine whether to grant the additional stay of the trading suspension on or prior to October 5, 2017. The NASDAQ Hearings Panel will convene to consider the Company’s appeal in approximately late October or early November 2017 and render its decision on the appeal approximately one week thereafter. The NASDAQ Hearings Panel has the authority to grant a further extension (until March 2018) for the Company to regain compliance with the Listing Rule.
About Global Eagle
Global Eagle is a leading provider of media, content, connectivity and data analytics to markets across air, sea and land. Global Eagle offers a fully integrated suite of rich media content and seamless connectivity solutions to airlines, cruise lines, commercial ships, high-end yachts, ferries and land locations worldwide. With approximately 1,500 employees and 50 offices on six continents, the company delivers exceptional service and rapid support to a diverse customer base. Find out more at: www.GlobalEagle.com.
Cautionary Note Concerning Forward-Looking Statements
We make “forward-looking statements” herein within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including with respect to the NASDAQ Hearings Panel process and the outcome thereof. These forward-looking statements are based on information available to us as of the date of this release and on our current expectations, forecasts and assumptions, and involve substantial risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. A detailed discussion of risks and uncertainties related to our business is included in the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q.
Peter A. Lopez
Vice President, Investor Relations