Pareteum said it is experiencing ongoing liquidity problems and that that it will therefore look at a range of possible alternatives. These could include a sale or business combination, financing or restructuring. Pareteum has hired FTI Capital Advisors to help with the strategic evaluation process
Board chair Mary Beth Vitale added that the company will remain focused on its customers, vendors, employees, and other constituents, and continue to run the day-to-day operations as usual as it evaluates how to go forward into the future.
The company announced in October 2019 that it would have to restate certain financial results after finding some issues with the way revenues were recognized. The “internal control issues” followed the acquisitions of iPass and Artilium in 2018, and the rapid growth in the group’s customer base. The company had just before that announced it was hiring a headhunting firm to help search for executives to drive its next phase of growth. In November 2019, the company appointed an interim CFO, Laura Thomas, to succeed Ted O'Donnel, whose status in the company was under review. It appointed an interim CEO later that month after an executive shakeup.
Pareteum got a USD 20 million capital injection from shareholder Hoving & Partners in December of that year. The company's shares were delisted in November 2020 after the company failed to meet the extended deadline to refile its financial accounts. The results for 2018 were restated in December 2020 while those for 2019 were refiled in March. Full-year results for the year showed higher revenues. Results were less sunny for the first quarter, with revenues off as the company worked towards being fully compliant on its financial reporting. The company did reduce its loss however.
