BOCA RATON, Fla.--(BUSINESS WIRE)--
Ominto, Inc. (Nasdaq: OMNT), a global leader in online Cash Back
shopping, today announced that on January 3, 2018, Ominto, Inc. (the
"Company") received a letter from Nasdaq, indicating that the Company is
not in compliance with Nasdaq's continued listing requirements under the
timely filing criteria outlined in Listing Rule 5250(c)(1). Due to the
delay in filing its quarterly report on Form 10-Q for the quarter ended
June 30, 2017, the Company is still in the process of completing the
audit of its financial statements, and consequentially has not filed its
annual report on Form 10-K for the fiscal year ended September 30, 2017
(the "Form 10-K") with the U.S. Securities and Exchange Commission.
The letter states that the Company must submit a plan no later than
March 5, 2018, setting forth the actions it will take to regain
compliance with the Listing Rules for continued listing. If Nasdaq
accepts such plan, the Company may be granted an exception of up to 180
calendar days from the date the Form 10-K was due, or until June 27,
2018, to regain compliance. The Company intends to submit a plan to
Nasdaq as soon as practicable, but in no event later than March 5, 2018.
The letter from Nasdaq has no immediate effect on the listing of the
Company's common stock on the Nasdaq Capital Market.
About Ominto, Inc.
Ominto is a growing company with global operations in the e-commerce,
marketing, and entertainment industries. The company owns or invests in
strategic entities that provides value to its global customer base.
Ominto is a pioneer in global Cash Back and first to market in many
regions of the world. At the core of Ominto's business is Dubli.com, a
global consumer Cash Back e-commerce digital marketplace.
At Dubli.com or at Partner sites powered by Ominto.com, consumers shop
at their favorite stores, save with the best coupons and deals, and earn
Cash Back with each purchase. The Ominto.com website features thousands
of brand name stores and industry-leading travel companies from around
the world, providing Cash Back savings to consumers in more than 120
countries. Ominto's Partner Programs offer a white label version of
the Ominto.com shopping and travel website to businesses and
non-profits, providing them with a professional, reliable web presence
that builds brand loyalty with their members, customers or constituents
while earning commissions for the organization and Cash Back for
shoppers on each transaction.
For more information, please visit Ominto's corporate website http://ominto.com.
This press release contains forward-looking statements that involve
substantial risks and uncertainties. These include statements about
Ominto's expectations, beliefs, intentions or strategies for the future,
which are indicated by words or phrases such as "anticipate," "expect,"
"intend," "plan," "will," "believe," "projects," "could," "would," and
similar expressions. You can also identify them by the fact that they do
not relate strictly to historical or current facts. The forward-looking
statements reflect Ominto's current view about future events and are
subject to risks, uncertainties and assumptions. Because forward-looking
statements relate to the future, by their nature, they are subject to
inherent uncertainties, risks, and changes in circumstances that are
difficult to predict. Ominto may not actually achieve the expectations
disclosed in the forward-looking statements and you should not place
undue reliance on Ominto's forward-looking statements. These
forward-looking statements involve risks and uncertainties that could
cause actual results or events to differ materially from the
expectations disclosed in the forward-looking statements, including, but
not limited to: risks related to Ominto's ability to continue as a going
concern being in doubt; material weaknesses in Ominto's internal
controls, Ominto's inability to generate enough customers or enough
purchasing activity for our shopping websites; Ominto's inability to
establish and maintain a large growing base of Business Associates;
Ominto's failure to adapt to technological change; increased
competition; increased operating costs; changes in legislation
applicable to Ominto's business; material weaknesses in Ominto's
internal controls; Ominto's failure to improve our internal controls;
and Ominto's inability to generate sufficient cash flows from operations
or to secure capital to enable us to maintain our current operations or
support our intended growth; along with other risks and potential
factors that could affect Ominto's business and financial results
identified in Ominto's filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the fiscal year
ended September 30, 2016.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180108005201/en/
Josh Hochberg, [email protected]
Source: Ominto, Inc.
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