LONG BEACH, N.Y., Dec. 14, 2012 (GLOBE NEWSWIRE) -- Planet Payment, Inc. (USA: (Nasdaq:PLPM); UK: (LSE:PPT) (LSE:PPTR)), a leading provider of international payment processing and multi-currency processing services, announced that the Registration Statement previously filed on Form 10 with the United States Securities and Exchange Commission ("SEC") became effective today, making the Company a reporting company in accordance with SEC rules.
The Company expects trading of its stock on the NASDAQ Stock Market ("NASDAQ") to commence on Monday December 17, 2012 and shares will cease being traded on the OTCQX. The Company's unrestricted Common Stock will trade in the United States on NASDAQ under the ticker "PLPM," with the stock price quoted in United States dollars. The unrestricted Common Stock will also continue to trade on the London Stock Exchange's AIM market under the ticker "PPT" with the stock price quoted in Pounds Sterling.
Consistent with the filing of our Form 10, the Registration Statement previously filed on Form S-1 with the SEC has now been withdrawn since we are not undertaking a simultaneous fundraising.
Commenting on the NASDAQ Listing, Philip Beck, Chairman and CEO of Planet Payment said:
"Our NASDAQ admission represents an incremental step in the development and progress of the Company. I would like to take this opportunity to thank all of our dedicated employees and loyal stockholders for their efforts and support since the inception of the Company which helped us achieve this significant milestone. We look forward to continuing our growth in the coming year."
About Planet Payment
Planet Payment is a leading provider of international payment processing and multi-currency processing services. We provide our services in 18 countries and territories across the Asia Pacific region, North America, the Middle East, Africa and Europe, primarily through our more than 45 acquiring bank and processor customers. Our point-of-sale and e-commerce services help merchants sell more goods and services to consumers, and with our ATM services are integrated within the payment card transaction flow enabling our acquiring customers to process and reconcile payment transactions in multiple currencies, geographies and channels.
Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Delaware, Dubai, Dublin, London, Hong Kong, Mexico City, Shanghai and Singapore. Visit www.planetpayment.com for more information about the Company and its services. For up-to-date information follow Planet Payment on Twitter at @PlanetPayment or join Planet Payment's Facebook page.
Forward-Looking Statements. Information contained in this announcement may include 'forward-looking statements'. All statements other than statements of historical facts included herein, including, without limitation, those regarding the trading on NASDAQ. Such forward-looking statements are based on a number of assumptions regarding Planet Payment's present and future business strategies, and the environment in which Planet Payment expects to operate in future, which assumptions may or may not be fulfilled in practice. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including, regulatory changes and changes in card association regulations and practices; changes in domestic and global economic conditions and changes in volume of international travel and commerce, the impact of the BPS acquisition and others. See the Company's filed Registration Statement on Form 10, for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this announcement and cannot be relied upon as a guide to future performance. Planet Payment expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.