CARLSBAD, Calif., March 30, 2020 /PRNewswire/ -- NTN Buzztime,
Inc. (NYSE American: NTN), announced it received a letter from the
NYSE Regulation stating that it is not in compliance with NYSE
American LLC continued listing standards. Specifically, the Company
is not in compliance with Section 1003(a)(iii) of the NYSE American
Company Guide because it reported stockholders' equity of less than
$6 million as of December 31, 2019 and had net losses in its five
most recent fiscal years ended December 31,
2019. The Company's stockholders' equity was $5.09 million as of December 31, 2019. As a result, the Company is
now subject to the procedures and requirements of Section 1009 of
the Company Guide.
The Company must submit a plan to NYSE Regulation by
April 26, 2020 advising of actions it
has taken or will take to regain compliance with Section
1003(a)(iii) by September 27, 2021.
If NYSE Regulation determines to accept the plan, the Company will
be subject to periodic reviews, including quarterly monitoring, for
compliance with the plan. If it does not submit a plan or if the
plan is not accepted, delisting proceedings will commence.
Furthermore, if the plan is accepted but the Company is not in
compliance with the continued listing standards by September 27, 2021, or if it does not make
progress consistent with the plan during the plan period, the NYSE
American staff will initiate delisting proceedings as
appropriate.
The Company's management is reviewing its options to address the
noncompliance and expects to submit a plan on or before the
April 26, 2020 deadline.
About Buzztime:
Buzztime (NYSE American: NTN) delivers interactive entertainment
and innovative technology that helps its customers acquire, engage
and retain its patrons. Most frequently used in bars and
restaurants in North America, the
Buzztime tablets, mobile app and technology offer engaging
solutions to establishments that have guests who experience dwell
time, such as casinos, senior living, and more. Casual dining
venues license Buzztime's customizable solution to differentiate
themselves via competitive fun by offering guests trivia, card,
sports and arcade games. Buzztime's platform creates connections
among the players and venues and amplifies guests' positive
experiences. Buzztime's in-venue TV network creates one of the
largest digital out of home ad audiences in the US and Canada. Buzztime hardware solutions leverages
the company's experience manufacturing durable tablets and charging
systems, enabling a diverse group of businesses including
corrections, point-of-sale and loyalty with product
implementation. Buzztime games have also been recently
licensed by other businesses serving other markets. For more
information, please visit http://www.buzztime.com or
follow us on Facebook or Twitter@buzztime.
IR AGENCY CONTACT:
Kirsten
Chapman, LHA Investor Relations
buzztime@lhai.com
415-433-3777
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SOURCE NTN Buzztime, Inc.