AMSTERDAM, April 12, 2022 /PRNewswire/ -- VEON Ltd. (NASDAQ:
VEON) (Euronext Amsterdam: VEON), a leading global provider of
connectivity and digital services, today confirms that on
7 April 2022 VEON received
notification from the Listing Qualifications Department of The
Nasdaq Stock Market ("Nasdaq") that VEON is not in compliance with
the minimum bid price requirement set forth in Nasdaq's Listing
Rule 5550(a)(2).
The Minimum Bid Price notification has no immediate
effect on the continued listing status of VEON's American
Depositary Shares ("ADSs") on Nasdaq. Furthermore, VEON's business
operations are not affected by the receipt of the notification.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of USD
1.00 per share and Nasdaq Listing Rule 5810(c)(3)(A)
provides that a failure to meet the minimum bid price requirement
exists if the deficiency continues for a period of 30 consecutive
business days. Based on the closing bid price of VEON's ADSs for
the 30 consecutive business days ended 6
April 2022, VEON no longer meets the minimum bid price
requirement.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), VEON has
an initial grace period of 180 calendar days, or until 4 October 2022 (the "Compliance Period"), to
regain compliance with the minimum bid price requirement. During
this time, VEON's common stock will continue to be listed and
traded on Nasdaq. If, at any time during the Compliance
Period, the bid price for VEON's ADSs closes at USD 1.00 or more for a minimum of 10 consecutive
business days, Nasdaq will provide notification to VEON that it
complies with the minimum bid price requirement, unless Nasdaq
exercises its discretion to extend this 10 day period requirement
pursuant to Nasdaq Listing Rule 5810(c)(3)(F).
In the event VEON does not regain compliance within the 180
calendar day Compliance Period and it complies with all other
listing standards and requirements, VEON may be eligible for an
additional 180 calendar day Compliance Period.
VEON intends to monitor the closing bid price of its ADSs and
may, if appropriate, consider available options to regain
compliance with the minimum bid price requirement. There can be no
assurance that VEON will regain compliance with the minimum bid
price requirement during the Compliance Period, secure a second
period of 180 days to regain compliance or maintain compliance with
the other Nasdaq listing requirements.
VEON is also listed on the Euronext Amsterdam Stock Exchange and
the Minimum Bid Price notification from Nasdaq does not affect
VEON's compliance status with its Euronext Amsterdam listing.
Disclaimer
This release contains "forward-looking statements", as the
phrase is defined in Section 27A of the U.S. Securities Act of
1933, as amended, and Section 21E of the U.S. Securities Exchange
Act of 1934, as amended. Forward-looking statements are not
historical facts, and include statements relating to, among other
things, expectations regarding management plans. Forward-looking
statements are inherently subject to risks and uncertainties, many
of which VEON cannot predict with accuracy and some of which VEON
might not even anticipate. The forward-looking statements contained
in this release speak only as of the date of this release. VEON
does not undertake to publicly update, except as required by U.S.
federal securities laws, any forward-looking statement to reflect
events or circumstances after such dates or to reflect the
occurrence of unanticipated events.
About VEON
VEON is a NASDAQ and Euronext Amsterdam-listed global provider
of connectivity and internet services. For more information
visit: www.veon.com
Contact Information
VEON
Investor Relations
Nik Kershaw
ir@veon.com
+31 20 79 77 200
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SOURCE VEON Ltd