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Net1 UEPS Technologies, Inc. receives Nasdaq notice regarding late Form 10-K filing
Net 1 UEPS Technologies, Inc.
Registered in the state of Florida, USA
(IRS Employer Identification No. 98-0171860)
Nasdaq share code: UEPS
JSE share code: NT1
ISIN: US64107N2062
("Net1" or "the Company")
Net1 UEPS Technologies, Inc. receives Nasdaq notice regarding late Form 10-K
filing
JOHANNESBURG, October 3, 2019 - Net 1 UEPS Technologies, Inc. (Nasdaq:
UEPS, JSE: NT1) (“Net1” or the “Company”) today announced that on October 1,
2019, it received a delinquency notification letter from the Nasdaq Stock Market LLC
(“Nasdaq”) indicating that the Company was not in compliance with Nasdaq Listing
Rule 5250(c)(1), because it had not timely filed its Annual Report on Form 10-K for
the fiscal year ended June 30, 2019 (the “Form 10-K”). The Nasdaq notice has no
immediate effect on the listing or trading of the Company’s common stock on the
Nasdaq Global Select Market.
As announced in a press release on October 1, 2019, the Company is experiencing a
temporary delay in the filing of its Form 10-K to assess the potential impact on the
Company’s financial statements of the ruling made by the Supreme Court of Appeal
of South Africa on September 30, 2019 requiring the Company to repay certain
implementation costs paid to the Company by SASSA in 2014.
Nasdaq has informed the Company that it must submit a plan of compliance (the
“Plan”) within 60 calendar days, or December 2, 2019, addressing how it intends to
regain compliance with Nasdaq’s listing rules and, if Nasdaq accepts the Plan, it may
grant an extension of up to 180 calendar days from the Form 10-K original filing due
date, or until March 30, 2020, to regain compliance. The Company intends to file its
Form 10-K as soon as practicable and, in any event, within the 60-day period
referenced above, and thereby regain compliance with the Nasdaq continued listing
requirements and eliminate the need for the Company to submit a Plan.
About Net1 (www.net1.com)
Net1 is a leading provider of transaction processing services, financial inclusion
products and services and secure payment technology. Net1 operates market-leading
payment processors in South Africa and the Republic of Korea. Net1 offers debit,
credit and prepaid processing and issuing services for all major payment networks. In
South Africa, Net1 provides innovative low-cost financial inclusion products,
including banking, lending and insurance and through DNI is a leading distributor of
mobile subscriber starter packs for Cell C, a South African mobile network operator.
Net1 leverages its strategic equity investments in Finbond and Bank Frick (both
regulated banks), and Cell C to introduce products to new customers and geographies.
Net1 has a primary listing on NASDAQ (NasdaqGS: UEPS) and a secondary listing
on the Johannesburg Stock Exchange (JSE: NT1). Visit www.net1.com for additional
information about Net1.
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks
and uncertainties. All statements, other than statements of historical fact, included in
this press release regarding the plans, intentions or expectations of management are
forward-looking statements. The Company may not actually achieve the plans,
intentions or expectations disclosed in its forward-looking statements. Actual results
or events could differ materially from the plans, intentions and expectations disclosed
in the forward-looking statements that the Company makes. Factors that might cause
or contribute to such differences include, but are not limited to: the impact of the
ruling on the Company’s financial statements, the timing of the finalization of the
Company’s financial statements and filing of the Form 10-K, the impact of the
delinquent filing on the Company’s share price, the ability of the Company to meet
the continued listing requirements of Nasdaq, as well as other factors, many of which
are beyond the Company’s control, included in the Company’s reports filed with the
Securities and Exchange Commission, particularly in the “Risk Factors” section of the
Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2018, as
such Risk Factors may be updated from time to time in subsequent reports. The
Company does not assume any obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.
Investor Relations Contact:
Dhruv Chopra
Group Vice President, Investor Relations
Phone: +1 917-767-6722
Email: dchopra@net1.com
Media Relations Contact:
Bridget von Holdt
SVP, Business Director - BCW
Phone: +27-82-610-0650
Email: bridget.vonholdt@bcw-global.com
Johannesburg
October 3, 2019
Sponsor:
Rand Merchant Bank, a division of FirstRand Bank Limited
Date: 03/10/2019 03:00:00
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