Boston, MA 05/28/2013 (wallstreetpr) – The share prices of Elephant Talk Communications Corp. (NYSEMKT:ETAK) had witnessed heavy decline of 16.67 percent with the shares closing at $0.90 per share for the end of last trading session. Though the stock is presently up by 16.88 percent from its 52 week low price of $0.77 per share, this heavy decline for the day leaves the investors worried. The shares of Elephant Talk Communications Corp. (NYSEMKT:ETAK) had been trading in the range of $0.85 to $1.00 per share during the day.
Notice of Non Compliance from NYSEMKT
Elephant Talk Communications Corp. (NYSEMKT:ETAK) had recently reported its first quarter financial results in which the company had registered 23.1 percent decline in the revenues over the same quarter of the previous year. Further the net loss of the company had been substantial to the extent of $5.1 million which had pushed the NYSEMKT to send a non compliance notice to Elephant Talk Communications Corp. (NYSEMKT:ETAK).
The notice had been sent by the exchange in line with the financial results of the first quarter which puts the continued operation of Elephant Talk Communications Corp. (NYSEMKT:ETAK) under question. NYSEMKT claims if the company would be able to continue its operations successfully, given the substantial loss which it had been incurring for the past few quarters. Though the non compliance notice issued to Elephant Talk Communications Corp. (NYSEMKT:ETAK) does not throw the company out of stock exchange immediately, the company will have to soon submit a plan of compliance by May 31, 2013 in which it should explain how the company intends to regain the success of operations
