Thu, Jun. 2, 10:34 AM
- Elephant Talk Communications (ETAK -4%) has gotten a noncompliance notice from NYSE tied to stockholder equity standards.
- The company might also no longer be in compliance with financial impairment and stock price standards, it says.
- "We are in the midst of a major restructuring of the company which is progressing on plan and has already begun moving, and which we expect will regain compliance," says Executive Chairman Hal Turner.
- It'll need to submit a plan to regain compliance by June 27. It'll also need to pursue a reverse stock split in order to raise its price
Tue, May 17, 1:00 PM
- Elephant Talk Communications (NYSEMKT:ETAK) is 11.7% lower after its Q1 earnings fell short with a wider loss as the company pursued cost reductions including 35% headcount cuts.
- Revenues fell to $3.3M from a year-ago $5M after the termination of its contract with Iusacell. Net loss widened to $4.3M vs. a year-ago loss of $2.1M, on the lower revenue and restructuring charges taken.
- Headcount at quarter's end was 195, down from 253 at the end of 2015 and 303 a year ago -- boosting revenue per employee to $67K from Q4's $47K.
- The company says restructuring will bring not only improved productivity but "essentially, a cash neutral operating position during the second quarter of 2016."
- Press Release
Tue, May 17, 9:09 AM
Thu, Mar. 31, 10:01 AM
- Elephant Talk Communications (NYSEMKT:ETAK) is up 4.4% after an earnings report where fiscal year revenues rose 52% Y/Y and the company launched a winter restructuring.
- Net loss was $5M for the year, compared with a loss of $21.9M the year before, mainly driven by the full release of $11.6M in deferred revenue from a terminated contract with Iusacell.
- Total billings were $21.3M, while total revenues were $31M.
- In restructuring, headcount has gone from November's total of 264 employees to 199 today, and the company expects to have 160 employees by Q2's end.
- The company is likely to use its conference call to talk about options for divesting ValidSoft after a previous plan fell through.
- Conference call to come at 11 a.m. ET.
- Press Release
- Now read Elephant Talk Gets New Management To Execute A Turnaround »
Thu, Mar. 31, 9:17 AM
Wed, Mar. 23, 5:22 PM
- Elephant Talk Communications (ETAK +0.9%) today said it's given a notice of default to Cross River Initiatives, the company that set a binding agreement to acquire Elephant Talk's ValidSoft subsdiary.
- Last month, stock jumped when the company said it had a $12.5M deal with Cross River, which had paid a $500K advance in January on the deal. But Cross River was to wire $8M cash to Elephant Talk no later than March 21.
- Elephant Talk isn't totally foreclosing sealing the deal with Cross River, it says, but it can't give preference or exclusivity anymore -- meaning it's back to exploring strategic options for the unit.
- Despite the "setback" in the divestiture, Chairman Hal Turner said restructuring is otherwise on track and updates would come with the company's earnings release and conference call, set for next Tuesday.
Thu, Feb. 18, 11:42 AM
- Elephant Talk Communications (NYSEMKT:ETAK) has jumped 35% on the news that it's signed a deal to divest its ValidSoft unit for $12.5M.
- The company has a binding agreement with Cross River Initiatives for the transaction. Cross River is the entity that paid a $500K advance on Jan. 19.
- Cross River will wire $8M cash to Elephant Talk no later than March 21, and issue a $4M short-term note for the balance. It's also trying to advance $1.5M more to Elephant Talk before Feb. 29.
Thu, Feb. 4, 6:51 PM
- Elephant Talk (NYSEMKT:ETAK) says in an 8-K filing that it's entered a Severance and Independent Contractor Agreement with its CTO and Mobile co-president, Martin Zuurbier, who resigned from the firm effective Dec. 31.
- Zuurbier's resignation was for personal reasons, the filing says, and not because of a disagreement with the company.
- Shares of Elephant Talk are down 25% over the past month.
- Previously: Elephant Talk -3.1% on restructuring news (Jul. 22 2015)
- Previously: Elephant Talk taps new mobile co-presidents (Jan. 29 2015)
Fri, Jan. 22, 5:16 PM
- Elephant Talk Communications (ETAK +3.5%) has gotten a $500,000 advance that may be applied towards the purchase of its ValidSoft subsidiary by a potential buyer.
- The advance is structured like a loan, and there's the potential for an additional $1.5M advance.
- There's no guarantee of a sale of ValidSoft, but if it goes through, the potential $2M would be applied toward the purchase price. If the potential buyer doesn't fund the extra $1.5M by Monday, Elephant Talk will convert the $500K into a promissory note convertible into common shares at $0.30/share and a five-year warrant to buy additional shares at $0.45.
Dec. 17, 2015, 9:57 AM
- Elephant Talk (NYSEMKT:ETAK) is up 23.4% amid a number of leadership changes in its ongoing restructuring plans.
- Gary Brandt has been named chief restructuring officer, and finance, legal and human resources functions will report directly to him. Interim CEO Tim Payne is stepping out of that role and resuming responsibilities for the company's North American operations.
- Dr. Armin Hessler has become chief operating officer. In addition, Robert Skaff has become an independent director, replacing Jaime Bustillo.
- Hal Turner -- named executive chairman last month -- says more executive appointments are coming in the first half of 2016.
Nov. 17, 2015, 10:16 AM
- Fresh off Q3 earnings, Elephant Talk Communications (NYSEMKT:ETAK) says Steven van der Velden is stepping down from the board and his roles as chairman and CEO.
- The company's named Robert Turner as its new executive chairman, and elevated Tim Payne to the company CEO role.
- Payne was president of Elephant Talk North America since April 2014 and had previous industry experience at Verizon Telematics, Clearwire and Sprint. Turner, meanwhile, has more than 40 years of C-level telecom and communications technology experience, recently as chairman of Pandora Networks.
- In September, the company had announced plans to split the chairman and CEO roles; at that time, van der Velden planned to stay on as chairman.
- Previously: Elephant Talk posts narrower loss though revenues tumble (Nov. 16 2015)
- Previously: Elephant Talk to split chairman/CEO roles (Sep. 28 2015)
Nov. 16, 2015, 7:20 PM
- Elephant Talk (ETAK -13.2%) posted a Q3 loss that narrowed compared to restated results from last year, though revenue declined sharply with the end of a key deal and missed expectations.
- Adjusted EBITDA was -$1.2M vs. an expected $0.5M, compared to a year-ago EBITDA profit of $1.4M after restatement. The company's relationship with Iusacell was terminated as the latter was acquired by AT&T, which meant the loss of about $3.9M in anticipated quarterly cash flow.
- Conference call to come tomorrow at 4:15 p.m. ET.
Nov. 16, 2015, 5:54 PM
- Elephant Talk (NYSEMKT:ETAK): Q3 Net loss of $4.2M
- Non-GAAP Revenue of $3.4M (-55.8% Y/Y) misses by $0.23M.
Oct. 8, 2015, 9:53 AM
- Elephant Talk Communications (NYSEMKT:ETAK) is 13.1% higher on news that it entered into a cloud service and software license deal to provide MVNO platform service to a "Tier 1" U.S. mobile operator.
- The company will support a number of MVNO brand launches in the deal beginning later in the quarter.
- It's finished primary integration of its solution platform with the operator's systems.
Sep. 30, 2015, 4:26 PM
- Elephant Talk (ETAK -6.7%) has retained Dawson James Securities to advise it on its strategic options for its ValidSoft UK subsidiary.
- The group will work with the board's Special Committee to look at options and conduct due diligence. "Although no assurances can be given that a transaction will be completed, the Board believes that it is prudent to now retain a qualified adviser to assist it in evaluating the merits of the various options available to Elephant Talk as we seek to maximize shareholder value," said committee chairman Carl Stevens.
- The company had said it was looking at a sale, JV or merger for the unit with it in a strong strategic position, and believing that Elephant Talk's share price didn't reflect the intrinsic value of the company.
- Previously: Elephant Talk -7.9%, exploring alternatives for ValidSoft unit (Aug. 19 2015)
Sep. 28, 2015, 9:54 AM
- Elephant Talk Communications (NYSEMKT:ETAK) is up 4.3% after news that it's splitting its CEO/chairman roles and seeking a new chief executive.
- Steven van der Velden will stay on as chairman of the board, and relinquish the CEO role once the company has a qualified replacement. Three independent directors will form the search committee.
- The board also appointed Roderick de Greef to rejoin the board as director and to chair the Audit Committee. De Greef held those roles from 2008-2011.
Elephant Talk Communications Corp. engages in the provision of mobile telecommunications technology. It offers a single sign-on cloud service which includes Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS). It also provides cloud-based... More
Industry: Long Distance Carriers
Country: United States
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