Asure Software Receives NASDAQ Letter Regarding Non-Compliance With Minimum
Market Value of Listed Securities Rule
AUSTIN, Texas, April 17, 2013 (GLOBE NEWSWIRE) -- Asure Software, Inc.
(Nasdaq:ASUR), a leading provider of workplace management software, announced
that on April 11, 2013, it received a letter from The NASDAQ Stock Market
("NASDAQ") stating that pursuant to Rule 5550(b)(2), the $35 million minimum
Market Value of Listed Securities ("MVLS") for its common stock was not met.
The NASDAQ notification has no immediate effect on the listing of the
Company's common stock and Asure will be provided a grace period of 180
calendar days, or until October 8, 2013, to regain compliance. After the grace
period expires, NASDAQ may notify the Company of its intent to delist its
common stock to which the Company may appeal any delisting determination by
the NASDAQ staff to a NASDAQ Hearings Panel.
Under Rule 5550, the Company can regain compliance and avoid the potential for
delisting by satisfying any one of the minimum MVLS test, the minimum equity
test or the minimum net income test. NASDAQ has advised the Company in its
letter that it did not meet the requirements under NASDAQ Marketplace Rule
5550(b)(1), which requires maintenance of $2.5 million of stockholders'
equity, and Rule 5550(b)(3), which requires net income from continuing
operations of $500,000 or more in 2012 or in two of the three years 2010, 2011
and 2012. However, NASDAQ did not advise the Company that its failure to meet
those Rules subjects it to potential delisting.
Although the Company cannot control the stock price or market capitalization,
Asure will continue to monitor the MVLS for its common stock and consider
various options available if the common stock does not trade at a level that
is likely to regain compliance within the requisite grace period. One of those
options available to the Company is to issue common stock to meet the minimum
Stated Pat Goepel, Asure's Chief Executive Officer, "We expected this
notification and understand that it has no immediate effect on the listing of
our stock on the NASDAQ.We are evaluating our options to best meet the
requirements of Rule 5550 while continuing to execute our growth
strategy.Although we believe our share price remains undervalued and the
business continues to generate positive EBITDA and free cash flow, we may
issue shares to satisfy NASDAQ stockholder's equity criteria. We note thatin
Q4 2012, Asure filed a shelf registration statement which allows it the
ability to raise funds via the issuance of equity.We believe that either
through an increase in MVLS or increase in equity, we will become compliant in
advance of the 180 day grace period."
About Asure Software
Asure Software, Inc., (Nasdaq:ASUR) headquartered in Austin, Texas, offers
cloud-based time and labor management and workspace management solutions that
enable businesses to control their biggest costs -- labor, real estate
andtechnology-- and prepare for the workforce of the future in a highly
mobile, geographically disparate and technically wired work environment. Asure
serves approximately 5,000 clientsworldwide and currently offers two main
product lines: AsureSpace™ workplace management solutions enable organizations
to maximize the ROI of their real estate, and AsureForce^® time and labor
management solutions deliver efficient management of human resource and
payroll processes.For more information, please visitwww.asuresoftware.com
The Asure Software, Inc. logo is available at
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
Statements in this press release regarding Asure's business which are not
historical facts are "forward-looking statements" that involve risks and
uncertainties. Such risks and uncertainties could cause actual results to
differ from those contained in the forward-looking statements.
CONTACT: Jennifer Crow, Chief Financial Officer
Asure Software, Inc.
Asure Software, Inc. Logo
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