Zoompass Announces Plan to Seek New Public Listing
Zoompass Holdings has announced non-compliance with Rule 15c2-11, resulting in its removal from the OTC market. Approximately 2,800 securities were similarly affected. To regain public quoting, Zoompass is evaluating options including engaging a market maker for a Form 211 filing or requesting an Initial Information Review from OTC Markets. The Company is also finalizing financial disclosures and exploring strategic alternatives for a Canadian public listing, expected to enhance funding opportunities. Zoompass aims to complete this process by the end of Q1 2022.
- Exploring strategic alternatives for a Canadian public listing to enhance funding opportunities.
- Continuing normal business operations during the compliance process.
- Removal from the OTC market due to non-compliance with Rule 15c2-11.
TORONTO, ON / ACCESSWIRE / October 19, 2021 / Zoompass Holdings Inc. (Formerly OTCQB:ZPAS) ("Zoompass" or "Company") announces that the Company was not in compliance with Rule 15c2-11, as amended effective September 28, 2021, and as a result, the Company, together with approximately 2,800 securities, according to The OTC Markets (OTC), was removed from the publicly quoted market. To begin public quoting on the OTC again, all such affected entities, including the Company, can engage a sponsoring market maker willing to review the company's information and file a Form 211 with FINRA, or the company can now ask OTC Markets to perform an "Initial Information Review", and if the OTC satisfactorily completes such review, it will announce the fact and that it believes the company complies with Rule 15c2-11 and brokers may rely thereon upon. The Zoompass is evaluating these options.
In addition, Zoompass is completing its full financial disclosures and is reviewing various strategic alternatives to effect a Canadian public listing. Such a listing would allows Zoompass to enhance its opportunities for funding and an orderly trading market on a recognized stock exchange. In the meantime, of course, the company continues to function in its normal business capacity and ongoing operations.
We are working towards completing this process by end of the first quarter of 2022. Zoompass will continue to provide updates in a timely manner as we complete the various stages of this process.
Investor Relations
Email: ir@zoompass.com
Website: zoompass.com
About Zoompass
Zoompass operates as a technology and infrastructure provider (Platform as a Service - PaaS) to hasten crypto and fiat payment networks through our blockchain technology, 3rd party integrations and the development of strategic partnerships to connect various verticals in multiple markets to create a global ecosystem.
Zoompass Safe Harbor Statement
Certain statements contained within this release are considered to be forward-looking under the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties including, but not limited to, the risk that any projections or guidance, including revenues, margins, earnings, or any other financial results are not realized, the impact of changes in tariffs, adverse changes in the global economic conditions, significant volume reductions from key contract customers, financial stability of key customers and suppliers, and availability or cost of raw materials. Forward-looking statements can often be identified by words such as "anticipates, " "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expression, and variations or negatives of these words. These forward-looking statements are not guaranteeing of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially and adversely from those expressed in any forward-looking statement. Additional cautionary statements regarding other risk factors that could have aneffect on the future performance of Zoompass are contained in the Company's Form 10-k filing for the fiscal year ending in December 31, 2020, and other filings with the Securities and Exchange Commission.
SOURCE: Zoompass Holdings, Inc.
View source version on accesswire.com:
https://www.accesswire.com/668732/Zoompass-Announces-Plan-to-Seek-New-Public-Listing
FAQ
What does the removal of Zoompass from the OTC market mean for investors?
How is Zoompass planning to regain public quoting status?
What are the potential benefits of a Canadian public listing for Zoompass?
What timeline has Zoompass set for completing its compliance process?
