Jacksonville, FL, June 29, 2023 (GLOBE NEWSWIRE) -- mPhase Technologies, Inc. (OTC Pink: XDSL) (“mPhase” or the “Company”) currently rebranding as “Pebble,” a leading climate technology company with services that transform how both merchants and consumers profit from sustainability-oriented commerce and lifestyle choices, today announced that it has filed a Form 15, in order for the Company to transition to the OTC Markets Alternative Reporting Standard. This change is designed to facilitate a move onto OTC’s Pink Current Information Tier and a resumption of trading.
As part of this process, the Company has temporarily suspended SEC reporting, and has applied to the OTC Disclosure and News Service. Once approved, the Company will commence the process of meeting the OTC’s disclosure requirements, which include filing unaudited financial statements for the annual period ended June 30, 2022 and subsequent quarterly reports for Fiscal 2023. The Company’s goal is to complete these requirements over the next several weeks. After satisfying the necessary OTC information requests, the Company should be moved from the Expert Market tier up to Pink Limited, which will enable shareholders to once again purchase the company’s stock on select brokerages, creating a more liquid market. Once all annual and quarterly reports are audited and submitted, the Company should be returned to Pink Current, which will remove any remaining brokerage restrictions.
Furthermore, in a decision based on their current risk profile, Prager Metis has resigned as the Company’s auditor, with no disputes or disagreements.
“High costs and lengthy delays in the audit process are a challenge for any small company, but particularly for one that is entering a major growth phase,” explained Pebble CEO Richard Thorpe. “Our business is expanding rapidly, so this decision to simplify our reporting will provide us with tremendous cost savings at a time when additional capital can have a meaningful impact on our future growth. The changes in our reporting structure should be viewed as transitional, a means to more quickly resume trading, increase our transparency, and rebuild our status as a viable public entity. We’ve successfully launched what we think will be one of the fastest growing new entities in the sustainability space, so we look forward to sharing our progress with investors in future updates.”
Details on the public availability of current information can be found at https://www.otcmarkets.com.
About mPhase Technologies (Pebble)
mPhase is a climate technology company rebranding as “Pebble” to offer a suite of cloud-based mobility and consumer engagement services that incentivize consumers for purchases and lifestyle choices that promote sustainability goals. The Pebble platform combines patented Wi-Fi anonymous-onboarding technology, proprietary AI, location-awareness, tokenization, game-mechanics, EV-charger geofencing, and an expanding network of applications to make personal sustainability easier and more rewarding. The Pebble experience is unique in that it is tailored to each individual’s tastes and needs, creating highly customizable sales opportunities for retailers, along with a scalable platform to benefit from the evolution to EV-centric travel and commerce.
Additional information can be found at www.pebble.tech.
Investor Contact:
ir@pebble.tech
