RESTON, Va., Dec. 18, 2019 /PRNewswire/ -- NII Holdings,
Inc. ("NII") [NASDAQ: NIHD] today announced that it notified the
Nasdaq Stock Market ("Nasdaq") of its intent to delist its common
stock, par value $0.001 per share
(the "Common Stock"), from the Nasdaq Global Select
Market. NII expects to file a Form 25 (Notification of
Removal from Listing) with the Securities and Exchange Commission
(the "SEC") and Nasdaq relating to the delisting of the Common
Stock on or about December 30, 2019
and to suspend trading of its Common Stock on the Nasdaq Global
Select Market prior to the opening of trading on January 2, 2020. NII does not expect that a
trading market will develop for its Common Stock following
suspension of trading on Nasdaq. NII expects that the official
delisting of its Common Stock will be effective January 9, 2020.
As previously disclosed, NII's stockholders approved a plan to
liquidate and dissolve NII following the completion of the then
pending sale of its operations in Brazil, its sole remaining operating asset. In
a separate release, NII today announced that this sale was
completed on December 18, 2019. As a
result, in addition to delisting its Common Stock, NII intends to
file its certificate of dissolution on or about January 13, 2020.
NII also intends to file a Form 15 as soon as practicable to
indefinitely suspend its reporting obligations under the Securities
Exchange Act of 1934, as amended (the "Act"), and seek relief from
its reporting obligations under the Act to file a Form 10-K for the
year ending December 31, 2019. The
decision to seek such relief and to suspend such reporting
obligations was based on numerous considerations, including the
auditing, legal and other costs and expenses associated with
continuing to make such filings with the SEC.
About NII Holdings, Inc.
For more information about NII Holdings, Inc. please visit NII
Holdings' website at nii.com.
Safe Harbor Statement
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995. This news release includes
"forward-looking statements" within the meaning of the securities
laws. The statements in this news release regarding the expected
completion, timing and effects of our delisting, plan of
dissolution and suspension of reporting obligations under the Act,
and other statements that are not historical facts, are
forward-looking statements. Forward-looking statements are
estimates and projections reflecting management's judgment based on
currently available information and involve a number of risks and
uncertainties that could cause actual results to differ materially
from those suggested by the forward-looking statements. With
respect to these forward-looking statements, management has made
assumptions regarding, among other things, the timing and ability
of NII to delist, dissolve and suspend its reporting obligations.
Future performance cannot be assured and actual results may differ
materially from those in the forward-looking statements. Some
factors that could cause actual results to differ include the risks
and uncertainties relating to the limited resources remaining
available to NII and the additional risks and uncertainties that
are described in NII's Annual Report on Form 10-K for the year
ended December 31, 2018, as well as
in other reports filed from time to time by NII with the Securities
and Exchange Commission. This press release speaks only as of its
date, and NII disclaims any duty to update the information
herein.
Media Contacts:
NII Holdings, Inc.
12110 Sunset Hills Road, Suite
600
Reston, Virginia 20190
(703) 390-5100
www.nii.com
Investor and Media Relations: Dan Freiman
(703) 547-5209
dan.freiman@nii.com
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SOURCE NII Holdings, Inc.