BOCA RATON, Fla.--(BUSINESS WIRE)--May 14, 2018--
Ominto, Inc. (Nasdaq:OMNT), a growth company with global operations in
the e-commerce, marketing, and entertainment industries, today announced
that it has notified the Nasdaq Stock Market of its intent to withdraw
its common stock, par value 0.001 per share, from listing on the Nasdaq
Capital Market. The Company intends to file with the Securities and
Exchange Commission, and Nasdaq, a Form 25 relating to the delisting of
its common stock on May 24, 2018. It is anticipated that the delisting
will become effective June 3, 2018, ten days after filing the Form 25.
As a result, the Company expects the last day of trading of its common
stock on the Nasdaq Capital Market will be on or about June 1, 2018. The
Company has filed an application to have its shares quoted on the OTC
Pink which is operated by OTC Market Groups Inc., under the symbol
"OMNT" and anticipates that its shares will begin to trade on the OTC
Pink effective June 4, 2018. The Company does not expect the transition
to the OTC Pink to affect the Company's business operations.
The Company’s decision to withdraw its common stock from listing on the
Nasdaq Capital Market is due to the fact that the Company has been
unable to timely file its periodic reports for the fiscal year ended
September 30, 2017, and the quarter ended December 31, 2017. As
previously disclosed, on each of January 3, 2018, February 22, 2018 and
March 1, 2018 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), and as of May 14, 2018, the Company has not regained
compliance with the Nasdaq Rules.
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 provide 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,”
“intend” 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.
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Source: Ominto, Inc.