Pareteum Corporation (OTCMKTS: TEUM) – a global cloud communications platform as a service company, is considering a range of strategic alternatives. They have just announced that this step is due to their continued need for liquidity. Strategic alternatives include, but are not limited to, sale or other business combinations, restructuring transactions and also financing.
To facilitate the assessment process, Pareteum seeks professional assistance and advice from FTI Capital Advisors, LLC. Mary Beth Vitale, Chairman of the Board of Directors of the company said that due to the current state of the company, the board has decided to undertake this strategic review. It is high time to ensure that all the alternatives available to the business are carefully evaluated.
Pareteum continues to focus on customers, suppliers, employees and other constituents. It will also execute day-to-day operations, as always, while the alternatives are being evaluated. No timetable has been set by the company for the conclusion of its reflection on strategic alternatives. We’re unlikely to hear of any updates anytime soon, as the company won’t comment further until a specific course of action is approved. It may also be determined otherwise that additional disclosure is appropriate or required, and in accordance with the requirements of applicable securities laws.
On Friday, TEUM stock jumped slightly to $ 0.2350 with over 120,000 shares, from its average volume of 451,000 shares. The stock traded in a range of $ 0.2000 to $ 0.2450 after opening the trade at $ 0.2450.