HOLMDEL, N.J., Oct 30, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Vonage Holdings Corp. (NYSE: VG) (the "Company") announced today that on October 24, 2008 the Company received notification from the New York Stock Exchange (the "NYSE") that the Company had fallen below the continued listing standard, which requires a minimum average closing price of $1.00 per share over 30 consecutive trading days.
The Company has a period of six months, subject to possible extension, to bring its average share price back above $1.00. Under the NYSE rules, the Company's common stock will continue to be listed on the NYSE during the cure period, subject to the Company's compliance with other NYSE continued listing requirements. The Company plans to notify the NYSE that it intends to cure the deficiency.
The Company's business operations, Securities and Exchange Commission reporting requirements, credit agreements and other debt obligations are unaffected by this notification.
Safe Harbor Statement
This press release contains forward-looking statements regarding the Company's intent to resume compliance with the NYSE's minimum share price standard. The forward-looking statements in this press release are based on information available at the time the statements are made and/or management's belief as of that time with respect to future events and involve risks and uncertainties that could cause actual results and outcomes to be materially different. These factors include the Company's ability to consummate its recently announced private debt financing arrangement, which is subject to uncertainties, including but not limited to satisfaction or waiver of all conditions to closing, which include obtaining stockholder approval of the potential issuance of shares of common stock upon the conversion of convertible notes; the Company's history of net operating losses and the Company's need for cash to finance the Company's growth; results of pending litigation and intellectual property and other litigation that may be brought against the Company; the competition the Company faces; the Company's dependence on its customers' existing broadband connections; differences between the Company's service and traditional phone services, including the Company's 911 service; uncertainties relating to regulation of VoIP services; system disruptions or flaws in the Company's technology; and the risk that VoIP does not gain broader acceptance. The forward-looking statements may also be impacted by the other risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. While the Company may elect to update forward-looking statements at some point in the future, it specifically disclaims any obligation to do so, and therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.
Vonage (NYSE: VG) is a leading provider of broadband telephone services with more than 2.6 million subscriber lines. Our award-winning technology enables anyone to make and receive phone calls with a touch tone telephone almost anywhere a broadband Internet connection is available. We offer feature-rich and cost-effective communication services that offer users an experience similar to traditional telephone services.
Our Residential Premium Unlimited and Small Business Unlimited calling plans offer consumers unlimited local and long distance calling, and popular features like call waiting, call forwarding and voicemail -- for one low, flat monthly rate.
Vonage's service is sold on the web and through national retailers including Best Buy, Circuit City, Wal-Mart Stores Inc. and Target and is available to customers in the U.S., Canada and the United Kingdom.
Vonage Holdings Corp. is headquartered in Holmdel, New Jersey. Vonage(R) is a registered trademark of Vonage Marketing Inc., a subsidiary of Vonage Holdings Corp.
SOURCE Vonage Holdings Corp.
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