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do you NOT understand that over 10 MM dollars of debt will be hitting the market at a 50% discount? Yeah. Laughing is not what you should be doing.
Yeah that’s why they said they will take remedial actions asap...lmao. Ur a funny guy though.
People can still sell in the after market right now at just over $1. It's a good idea.
This company is completely impaired now.
FTNW: FTE Networks Receives Reprimand Letter from NYSE Regulation
https://www.marketwatch.com/press-release/fte-networks-receives-reprimand-letter-from-nyse-regulation-2019-03-25-161843036?siteid=nbsh
This company said in its press releases it has net revenue funds from contracts totaling $572.4 million equal $350 million in net revenue, plus a $116 million contract in February 26 of 2019. Is there a chance the company could offer the shareholders a tender offer for its wrong doing in releasing undisclosed low price converted shares at huge ridiculous discounted rates into the market diluting the shareholders and causing great losses to shareholders.
Even is company do get kick off of the Stock Exchange, we the shareholders should not have to suffer at the hands of a company's misleading management team. The funds is still there lets not give the company time to exalts the funds.
It means another undisclosed 5m shares and undisclosed $13m of convertible debt at 50% of the 21 day low. If the stock low averages 50c (if it ever opens - doubtful!), it will convert into another 50m shares -> 18+5+50 = 73m shares. 75% from issuances they failed to disclose since 2017. ??
Soooo wtf does that mean for us?
The Executive Committee of the Company’s Board of Directors (the “Board”) determined to conduct an independent investigation, which will be overseen by the Audit Committee, which consists solely of independent directors, related to: whether Company management had the proper authorization to issue the Notes and the related shares issuable upon conversion of the Notes, as well as certain other debt instruments and equity transactions; issues related to the accounting for and disclosure of certain expenses incurred by management; and the appropriateness and disclosure of certain related party transactions. As previously announced, on March 11, 2019, David Lethem, the Company’s Chief Financial Officer, notified the Company of his resignation. On March 15, 2019, Michael Palleschi, the Company’s Chief Executive Officer, was placed on administrative leave pending the outcome of the investigation. The Company has been in discussions with the Exchange about the issuances described above, including whether there have been violations of its listing rules in connection with these transactions.
I just submitted a complaint to the SEC on their TCR website I complaint a complaint form to go directly to the SEC Lawyers. I don't have to sit around and wait to learn why FTNW is halted. The SEC has been notify of a complaint against FTE Networks inc by me and they will be on it. I will deal directly with the SEC lawyers.
I hope this will help others who are experiencing the same complaint I've with the company.If I receive a call from the SEC Attorneys I would share it with the board. I just fill out the complaint form on line a few minutes ago and summit it.
Most non sensical halt I’ve ever seen
Probably another week of this waiting on pending news. GLTA.
Never seem one like this without some news being release to let the shareholders know something. I was in a China stock halt 4 years ago that involve a new car dealer ship and the SEC halted that stock. It was halted for weeks before it was kick on the grey sheet. That was horrible you could not see what was the bid or ask, it was like buying and selling blind fold. The company was an azz that didn't give a damn about the shareholders.
I'm wishing everything work out for the best for FTE Networks inc shareholders. I call the SEC regarding FTE and I'm waiting for a call back from them. It has been 5 business days since FTNW was halted. I feel its time for the Calvary the SEC to get involve.
Never ever seen a halt like this..
You could be right. I never have seem a T1 last this long.I would love to see the best and not any bulchit. I'm believing all the contracts awarded to the company are legitimate and not misleading made up. So many of us have so much money invested in FTE Networks INC. I've to stay positive. The worse could be because of the CFO same day resigning without notice to the shareholders and markets or maybe the undisclosed convertibles shares to the lender.
Wish positive news when the pending news is release.
This is gonna tank on the open. So sad!
I'm smelling class action investor lawsuit...big-time!
UFO
https://www.nasdaqtrader.com/trader.aspx?id=tradehalts
Halts are coded T1 means at the request of the issuer. Usually followed by T1 -news pending; and T3 trading to resume. That usually happens within the same hour or two. That didn’t happen here. Given this co’s life blood was the sale of stock by convertible lenders, the company’s new auditor may have uncovered some things in the 10K prep that didn’t square and pulled the emergency break??? I’m just guessing.
I call it in and ask my broker after going to check the list of stocks by the stock exchange. FTE Newtworks Inc requested the exchange to stop trading the stock on the stock exchange for pending news "T1". T1 halt for news pending.
re: "FTE Networks is the one whom requested the stock exchange to halt the stock(FTNW) for news pending."
Where did you read that information?
With the CFO resignation it appears that ftnw is really looking thoroughly at their books. Ftnw must be concerned that there are problems with the accounting procedures that they have relied on.
Lol. That's not the way it works
Anyone that wants to sign up to get email investor news alerts from FTE Networks, click here Investor Alerts .
I agree stockking, this is getting very retarded. if its positive news that would be awesome for all the shareholders, than it could be worth the wait. At this time I'am tried of waiting for company's pending news unless we get some hints of buyout, merger, acquisition or anything gear towards these options. I've been sitting here all day waiting on pending news to be release.
imo, I believe the company is negotiating something positive that is in favorable of the shareholders and investors. When I used to see pending news on a halted stock it usually is good news is the halt is requested by the company. by it taking this long I repeat it seem like negotiation is going on.
FTE Networks is the one whom requested the stock exchange to halt the stock(FTNW) for news pending. I don't think they are requesting to be move to the OTC listing they just came from there less then 1 1/2 years ago. I don't know what the reason of the long halt, but the stock exchange need to let the shareholders know something the reason for the the company requesting the stock to be halt. If they are in search of a new CFO, bo, takeover, audit, or whatever, stock exchange need to let us know the reason why the company requested the halt and its pending news. They can place a T2 after releasing pending news.
I hope this spell merger, buyout negotiating, or takeover. Anything much higher than $1.48 a share.
Highly unlikely. FTNW will post news when ready.
just a guess and i HATE being negative....but I'll bet this is being de-listed. Whatever it is...its NOT good. Period.
I was expecting to hear something by now
UN-believable....
Why is trading halted? No press release?
Awesome post! Thank you 4 taking the time to do that
At pennystockking, all we can do is hope for the best. I call my broker and he told me it is not a SEC violation for the reason of the halt. The New York stock exchange could had FTNW halted on behalf of company news pending.I don't know what it is, but is not for SEC Violation. Also Lawrence I Rosen bought 1,132,681 shares on March 1. He file a 13G because that was 9.3% of the o/s. Plus some one else bought more than 1.3 million shares. I don't think these people would invested so much into a company without doing a lot of research into FTE Networks Inc.
IMO the CFO was fired and given severance pay of $87,500 paid equal in 6 monthly installment. He had to give up his 466K shares of FTNW. When an executive resigns he/she is not giving severance pay most of the time because they quit. Unless he is asked to resign. I'm looking forward to a buyout, merger, equity firm takeover or something that will make the shareholders fill whole again. By tomorrow we shall know why the stock was halted.
glta who are holding FTNW alone with me.
Who halts and doesn’t release news on the day of?
Resigned my ass..he got a severance and he was told to return his shares
What is CrossLayer, I thought it suppose to be a the milk and honey for FTE Networks inc, what in the hell is it doing, besides draining the share holders. This company received over $572.4 million in contracts last year and so far $166 million in an award contract this year, where in the hell is the Money. instead of diluting the share holders why the company is not using those funds from contracts they are paid a percentage before starting the job for supplies, I been in business before I know how it operates.
Off subject I'am looking forward for the halt to be either a takeover or a buyout than some bs the company might put out about debt convertibles or need to raise capital by raising a/s to pay for debt. Damn it get your azz up and work for the money, put those award contracts to use.
Speak out share holders. I email the company you should also. their email is on their website. Don't let them just take your money.
For all of us share holders I expect for the company to do right by the share holders. I'am tired of hearing company executives stating we planing to bring share holders value back or increase share holders value and neither of the s o b keep their word and just do it.
Sell the damn company and make me happy.
This resignation was expected before March 11, 2019. The filing shows company previously enter into a transition separation with the CFO. IMO The CFO was ask to leave either because of his screw ups of the undisclosed of the convertibles or handling of financial accounting. Seem like his accounting sucks. Maybe company is under new management. Either way thing can't be any worst than what it is now. Share price from $26 a year ago now under a buck fifty. This company need new leadership. I hope it a buyout or some group cleaning up the company, more like draining the swamp executives.
“On March 11, 2019, David Lethem, Chief Financial Officer of FTE Networks, Inc. (the “Company”), notified the Company that he is resigning as the Company’s Chief Financial Officer, effective March 11, 2019.”
LOL. OK if that's what you say....just waiting for the SEC investigation release.....when a stock goes from 25 to 1 with all that debt and insider buying....and you think that's normal, then good luck.
See you at zero.
He got the boot..hence the Severance package. Learn how to read moron
CFO resigned. you think this is good? LOL. See you at zero.
CC
I agree..ppl thinking it’s positive news as well. Company halted the ticker
Never seen it halted before for news pending. I hope it is the company who halted the stock and not another agency. We really do need positive news from this company. I hope they have paid off their debt and have plenty of money on the balance sheet.
Hold on Cash Cow, the news is coming. Let other sell and you buy. Could get a sneak press release of more award contracts.
News out soon so the 2 of you can exit or stop shorting.
We saw this coming from 500 miles away. I’ve never seen anything as egregious and obvious in a non-pink!
Yep, it was too obvious...pay attention to fillings people.
“Company agreed to sell convertible notes (the “Notes”), convertible into shares of common stock of the Company, par value $0.001 per share (“Common Stock”) of which an aggregate principal amount of approximately $7.5 million is currently outstanding.
The Notes mature anywhere from six to twelve months from the date of issuance, bear interest between 4-8 % per annum and are convertible at the Investors option at variable conversion prices at a discount to market.”
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FTE Networks Awarded Approximately $116 Million in New Infrastructure Contracts in January and February
GlobeNewswire•February 26, 2019
NAPLES, Fla., Feb. 26, 2019 (GLOBE NEWSWIRE) -- FTE Networks, Inc. (NYSE American: FTNW) ("FTE" or the "Company"), a leading provider of innovative technology solutions for smart platforms, network infrastructure and intelligent buildings, today announced that it has been awarded approximately $116 million in new infrastructure projects during January and February of 2019.
The new contract awards to FTE and its subsidiaries cover a variety of infrastructure projects, with significant customers including a major globally recognized technology leader and a major financial institution. Projects to be performed under the contracts include interior buildouts as well as technology and smart device deployments, primarily at locations throughout the Northeast. Work associated with these new contract wins is largely expected to be completed within the next 12-18 months.
Anthony Sirotka, Interim Chief Executive Officer of FTE Networks, commented, “I am extremely pleased with the pace of new contract wins in early 2019. Business operations remain brisk with several highly recognizable brands included in these new awards. The wins reflect our strong brand presence in the New York market which will increasingly become a focus of both our infrastructure and technology segments. We remain fully committed to our strategic vision to create and maintain the entire in-building ecosystem and we see tremendous potential to build upon the foundation established in this market.”
About FTE Networks, Inc.
FTE Networks, Inc. ("FTNW") is a leading provider of innovation technology. We enable adaptive and efficient smart network connectivity platforms, infrastructure and buildings. FTE provides end-to-end design, build, and support solutions for state-of-the-art networks, data centers, residential and commercial properties. We create transformative smart platforms and buildings. FTE's services are predicated on smart design and consistent standards that reduce deployment costs and accelerate delivery of leading-edge projects and services. The Company works with Fortune 100/500 companies, including some of the world's leading Telecommunications and IT Services Providers as well as REITs and Media Providers.
NAPLES, Fla., Jan. 03, 2019 (GLOBE NEWSWIRE) -- FTE Networks, Inc. (NYSE American:FTNW) ("FTE" or the "Company"), a leading provider of innovative technology solutions for smart platforms, network infrastructure and intelligent buildings, and a Deloitte 2018 Technology Fast 500 Winner (#95), today announced that it has been awarded approximately $129.6 million in new infrastructure projects during the fourth quarter of 2018, bringing the Company's 2018 contract awards total to approximately $572.4 million.
The new contract awards to FTE and its subsidiaries cover a variety of infrastructure projects, with prominent customers including a leading global investment and market management firm, a globally recognized technology leader, and a major cable and telecommunications company. Projects to be performed under the contracts include interior buildouts as well as technology and smart device deployments, primarily at locations throughout New York City and the surrounding boroughs. Work associated with these new contract wins is largely expected to be completed within the next 12-18 months.
"Closing 2018 with $572.4 million in new contract awards is an exceptional accomplishment," commented Michael Palleschi, President and Chief Executive Officer of FTE Networks. "The ability to secure new customers and continue to secure awards within our existing client base illustrates our strong presence and reputation in the market. Our team continues to execute our strategic vision to create and maintain the entire in-building ecosystem, from design through implementation of data systems and intelligent networks. I am confident in our ability to continue this momentum into 2019."
https://docs.google.com/document/d/1qRnx3A-sPy4Uu7KtUbqwToI0xfWYzsiJPNyiyaRZL8e
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