Inventergy Receives Delisting Letter from Nasdaq

Inventergy (NASDAQ:INVT) has announced that it has received a letter from the Nasdaq Hearings Panel dated June 5, 2017 stating the Nasdaq will suspend trading of Inventergy’s shares as of June 7, 2017.
As quoted in the press release:

The Nasdaq Panel made its determination due to Inventergy’s failure to comply with the requirement to maintain a minimum $2.5 million in stockholders’ equity in Listing Rule 5550(b)(1) and the minimum bid price requirement in Listing Rule 5550(a)(2).
Inventergy believes that it is currently in compliance with the stockholders’ equity requirement. The Company issued a Form 8K on June 6, 2017 stating its compliance since April 30, 2017, having stockholders’ equity of approximately $7.2 million. Accordingly, the Company has requested that the Panel reconsider its delisting determination and has subsequently provided the Panel with additional information indicating the Company’s compliance with the stockholders’ equity requirement, requesting an additional 180 calendar days to regain compliance with the minimum bid price requirement.

Click here to read the full press release.