Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously disclosed in the Company's filings with the Securities and
Exchange Commission, the Company has been out of compliance with the minimum $35
million market value of listed securities requirement of the Nasdaq Stock
Market, LLC ("Nasdaq"), as set forth in Nasdaq Listing Rule 5550(b)(2), which
Nasdaq has indicated may serve as a basis for delisting of the Company's
securities from Nasdaq. After engaging with Nasdaq with respect to the delisting
process, on January 15, 2020, the Company received notice from Nasdaq that
Nasdaq will suspend trading in the Company's shares at the open of business on
January 17, 2020, and that Nasdaq will file a Form 25 Notice of Delisting with
the Securities and Exchange Commission to effect the removal of the Company's
securities from listing on Nasdaq when all internal appeal periods have run.
Accordingly, on January 17, 2020, Nasdaq suspended trading in the Company's
shares.
Also on January 17, 2020, the Company's common stock immediately began trading
on the OTCQX® Best Market and will continue to trade under the symbol PMTS.
The Company will remain a public company and continue to be subject to the
public reporting requirements of the Securities Exchange Act of 1934 and the
Securities and Exchange Commission. Furthermore, the Company plans to maintain a
Board of Directors with an independent Audit Committee and to provide annual
financial statements - as audited by a Public Company Accounting Oversight
Board-approved auditor - and unaudited interim financial reports, prepared in
accordance with U.S. generally accepted accounting principles.
Cautionary Note Regarding Forward Looking Statements.
This Current Report on Form 8-K contains statements that are "forward-looking
statements" within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended. All statements contained in this Current Report on Form 8-K,
other than statements of historical facts, are "forward-looking statements" for
purposes of these provisions. These forward-looking statements include the
Company's plan to remain a public company and continue to be subject to the
public company reporting requirements of the Securities Exchange Act of 1934 and
the Securities Exchange Commission, and the Company's plan to maintain a Board
of Directors with an independent Audit Committee. Statements made in this
Current Report on Form 8-K are qualified by the cautionary statements made in
this Current Report on Form 8-K. The Company does not intend, and does not
assume any obligation, to update any of the statements included in this Current
Report on Form 8-K. An investment in stock issued by the Company is subject to
the risks described in the Company's Annual Report on Form 10-K for the year
ended December 31, 2018, and all of its other filings with the SEC.
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