Replies to post #6559 on FTE Networks Inc (fka FTNW)

[Ed Ajootian]

FTE Networks moves to New York Stock Exchange
Laura Layden, [e-mail]; 239-263-4818 Published 3:08 p.m. ET Dec. 14, 2017 | Updated 3:10 p.m. ET Dec. 14, 2017

FTE Networks is moving on up.

The Naples-based technology, network-building and construction business is now listed on the New York Stock Exchange.
Shares began trading on the major exchange Thursday, moving over from the less formal and less-regulated Over-the-Counter Bulletin Board.
"It was always our aspiration to get to a major exchange," said Michael Palleschi, the company's president and CEO. "It has been in the works since 2015."
To be uplisted, the company had to meet stringent requirements for the volume of publicly traded shares, total market value, stock price and number of shareholders.
The switch comes with more reporting and disclosure requirements.
"It does add a lot of transparency, which is good for our customers. Our customers love the transparency," Palleschi said.
FTE has reached several important milestones this year.
The company reported record revenues of more than $79.1 million in the third quarter — a 56 percent increase over the previous quarter and a much bigger spike over a year ago when they came in at about $3.8 million.

The company also swung to a profit in the last quarter, reporting net income of $2.5 million, compared with a loss of $5.1 million a year ago.
More: FTE Networks reports record quarterly revenue
In April, FTE completed its acquisition of Benchmark Builders, which provides full-service interior and general contracting services, and FTE continues to grow and integrate that business into its operations.
The company recently introduced CrossLayer, a technology that enables software and hardware ecosystems to be deployed on-site, which can deliver carrier-grade network and cloud services to building tenants. More than $4 million has been invested in the technology, described as a one-stop solution.

When it came time to choose a major exchange, Palleschi said the NYSE seemed the perfect fit because Benchmark Builders already had a good working relationship with it.
Benchmark renovated the exchange and its historic building last year.
With the listing on a major exchange, FTE hopes to expand and diversify its shareholder base.
"We believe we are now better positioned to enhance stock liquidity and attract a broader range of institutional investors," Palleschi said. "We continue to advance our strategy to develop new growth opportunities across our complementary businesses and are optimistic about our prospects heading into 2018 and beyond.”
On Thursday, FTE announced Benchmark had been awarded more than $37 million in new interior build out and infrastructure contracts. The contracts are further evidence the company's three lines of business are "working well together, and they are very synergistic," Palleschi said.

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Above from Naples News. Quite an interesting reason for why they chose the NYSE American exchange vs. Nasdaq.

I hope the company is aggressively working toward getting lined up with a heavy-hitting IR firm, one that can help get them in to the important invitation-only investment conferences. This is a tremendous story and needs to be told to the right people.

We are just days away from the effective end to tax-loss selling season (I know it doesn't technically end until the last trading day of the year but once you hit the last trading day before Christmas its effectively over since the trading volume is so low in the ensuing week). For all those folks who have been on the sidelines waiting for the tax-loss selling to subside before buying or adding, this might not be a bad time to step up the plate and take a swing. Last year, after a long drawdown similar to what we've seen in the last 9 months, the stock price bottomed right around now and then proceeded to basically triple in the next 3 months or so.