Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

As disclosed on Form 8-K filed on September 17, 2012, Universal Business Payment Solutions Acquisition Corporation (the "Company") received a letter from The Nasdaq Stock Market ("Nasdaq") on September 11, 2012 indicating that Nasdaq believed the Company was not in compliance with Listing Rule 5550(a)(3) (the "Minimum Public Holders Rule"), which requires the Company to have at least 300 public holders. Pursuant to the letter, the Company had 45 days in which to submit a plan to regain compliance with the Minimum Public Holders Rule. On October 10, 2012, the Company submitted its plan of compliance to Nasdaq.

In a letter received by the Company on October 24, 2012, Nasdaq accepted the Company's plan of compliance and granted the Company an extension to regain compliance with the Minimum Public Holders Rule. Pursuant to the letter, the Company now has until February 9, 2013 to regain compliance with the Minimum Public Holders Rule, which it must demonstrate by providing documentation from the Company's transfer agent that the Company's common stock and units have a minimum of 300 holders. If the Company fails to regain compliance by February 9, 2013, Nasdaq will provide written notification that the Company's securities will be delisted.