Business
MoneyOnMobile Provides Update to Shareholders
MoneyOnMobile Provides Update to Shareholders.
About this update from Moneyonmobile, Inc
[{"type":"text","content":"\n\n\n\nMoneyOnMobile Provides Update to Shareholders\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nMoneyOnMobile Provides Update to Shareholders\nPR Newswire\nDALLAS and MUMBAI, India, July 16, 2018\n\n\n\nDALLAS and MUMBAI, India, July 16, 2018 /PRNewswire/ -- MoneyOnMobile, Inc. (OTCQB: MOMT), one of India's largest mobile phone-based payment networks, announced today an update to shareholders on the filing of the FY2018 10-K and on the application to list on Nasdaq via the following statement from Harold Montgomery, Chairman and Chief Executive Officer, MoneyOnMobile:\n\n\n \n \n\n \n\"As our shareholders may already know, we are in the process of completing our recent Rights Offering. During the subscription period of the rights offering, we received $7.5 million in subscriptions, for which we have the corresponding funds in escrow. We are currently working with Nasdaq on our uplist application, which is a condition to closing of the offering. When the conditions to closing have been satisfied, the escrowed funds will be released and delivery of shares initiated. Based on current information, we believe a determination by Nasdaq will be made on or around the date we file our 10-K.\"\n\nMr. Montgomery also stated, \"We want to make our shareholders aware that we have passed the deadline for filing our FY2018 10-K. In March of this year, we announced a new audit firm would be engaged to audit our FY2018 10-K and review subsequent quarterly filings. The new firm has been actively engaged and on-site in India since May. They have been doing a very thorough job in the opinion of management.\"\n\nMr. Montgomery then added, \"The delay in filing our FY 2018 SEC Form 10-K may also prompt a temporary designation by the OTC Markets as a late filing Company. We are confident our company will complete the audit and provide the SEC with the necessary filings.\"\n\nAbout MoneyOnMobile, Inc.\n\nMoneyOnMobile, Inc. is an India focused mobile payments technology and processing company offering mobile payment services. MoneyOnMobile enables Indian retailers to use mobile phone...