Top Image Systems Nasdaq Notice of Deficiency
24 October 2018 - 7:15AM
On October 16, 2018, Top Image Systems Ltd. (the “Company”)
(Nasdaq:TISA) received a deficiency letter from The Nasdaq Stock
Market LLC (“Nasdaq“) indicating that the Company has failed to
comply with the minimum bid price requirement under Rule 5550(a)(2)
of the Nasdaq Listing Rules. Based on the closing bid prices
for the Company’s Ordinary Shares for the 30 business days prior to
the date of the letter, the Company failed to maintain the required
$1.00 minimum closing bid price. The deficiency letter has no
immediate effect on the listing of the Company’s Ordinary Shares -
which will continue to trade on the Nasdaq under the symbol “TISA”
at this time – or on the operations of our business. Under
Nasdaq Listing Rule 5810(c)(3)(A), the Company has until April 15,
2019 to regain compliance by meeting the continued listing
standard. The continued listing standard will be met if the
Company's Ordinary Shares have a closing bid price of at least
$1.00 per share for 10 consecutive business days during the 180
calendar day grace period.
If the Company is unable to regain compliance with the continued
listing requirements on or before April 15, 2019, it may be
eligible for additional time to regain compliance with Nasdaq’s
continued listing requirements. To qualify, the Company will be
required to meet the continued listing requirement for market value
of publicly held shares and all other initial listing standards for
The Nasdaq Capital Market, with the exception of the bid price
requirement, and will need to provide written notice of its
intention to cure the deficiency during the second compliance
period, by effecting a reverse stock split, if necessary. If the
Company meets these requirements, the Nasdaq Staff will inform it
that it has been granted an additional 180 calendar days. However,
if it appears to the Nasdaq Staff that the Company will not be able
to cure the deficiency, or if the Company is otherwise not
eligible, the Nasdaq Staff will provide notice that the company’s
Ordinary Shares will be subject to delisting.
The Company is monitoring the bid price of its Ordinary Shares
and will take all reasonable measures available to it to achieve
compliance.
About Top Image Systems Top Image Systems™
(TIS™) Ltd. is a global innovator of on-premise and cloud-based
applications that optimize content-driven business processes such
as procure to pay operations, remittance processing, integrated
receivables, customer response management and more. Whether
originating from mobile, electronic, paper or other sources, TIS
solutions automatically capture, process and deliver content across
enterprise applications, transforming information entering an
organization into useful and accessible electronic data, delivering
it directly and efficiently to the relevant business system or
person for action with as little manual handling as possible. TIS’
solutions are marketed in more than 40 countries through a
multi-tier network of distributors, system integrators, value-added
resellers and strategic partners. Visit the company's website
at https://www.topimagesystems.com/ for more information.
Top Image Systems Caution Concerning Forward-Looking
Statements Certain matters discussed in this news release
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results to be materially
different from any future results expressed or implied in those
forward-looking statements. Words such as "will," "expects,"
"anticipates," "estimates," and words and terms of similar
substance in connection with any discussion of future operating or
financial performance identify forward-looking statements. These
statements are based on management's current expectations or
beliefs and are subject to a number of risks and uncertainties that
could cause actual results to differ materially including, but not
limited to, risks in product development, approval and introduction
plans and schedules, rapid technological change, customer
acceptance of new products, the impact of competitive products and
pricing, the lengthy sales cycle, proprietary rights of TIS and its
competitors, risk of operations in Israel, government regulation,
litigation, general economic conditions and other risk factors
detailed in the
Company's most recent annual report on Form 20-F and other
subsequent filings with the United States Securities and Exchange
Commission. We are under no obligation to, and expressly disclaim
any obligation to, update or alter our forward-looking statements,
whether as a result of new information, future events or
otherwise.
TIS Investors Contact: James Carbonara,
Regional Vice President, Hayden IR james@haydenir.com + 1 646
755 7412
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