Orckit Receives NASDAQ Notification Regarding Minimum Bid Price
23 February 2012 - 12:30AM
Orckit Communications Ltd. (the "Company") (Nasdaq:ORCT), a leading
Packet Transport Network (PTN) vendor, today announced that, on
February 15, 2012, it received a written notification from the
Listing Qualifications Department of The NASDAQ Stock Market LLC
advising the Company that, for the 30 consecutive business days
preceding February 15, 2012, the bid price for the Company's
ordinary shares had closed below the minimum $1.00 per share
required under NASDAQ Listing Rule 5450(a)(1). The notification
letter states that the Company will be afforded 180 calendar days
to regain compliance with the minimum bid price requirement. In
order to regain compliance, the closing bid price for the Company's
ordinary shares must be at least $1.00 per share for a minimum of
ten consecutive business days. The compliance period expires on
August 13, 2012.
The Company intends to monitor the bid price for its ordinary
shares between now and August 13, 2012 and will consider all
available options to resolve the deficiency and regain compliance
with the minimum bid price requirement. If necessary, the Company
may effect a reverse stock split to regain compliance with the
minimum bid price requirement. In the event that the bid price
deficiency is not cured by the end of the applicable compliance
period, the Company's ordinary shares would be subject to
delisting.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties
including, but not limited to, the risk that the proposed
arrangement will not be approved by all the applicable stakeholders
of the Company, the Court and the Tel Aviv Stock Exchange, that
challenges by third parties or other events outside the control of
the Company would delay the implementation of the agreement and
result in its termination, and the risk factors detailed in the
Company's U.S. Securities and Exchange Commission filings,
including but not limited to, those included in its Annual Report
on Form 20-F filed on June 29, 2011. Actual results may materially
differ from those set forth in this press release. The Company
assumes no obligation to update the information in this press
release.
About Orckit Communications Ltd.
Orckit facilitates telecommunication providers' delivery of high
capacity broadband residential, business and mobile services over
wireline or wireless networks with its Orckit-Corrigent family of
products. With 20 years of field experience with Tier-1 customers
located around the world and sound leadership, Orckit has a firm
foothold in the ever-developing world of telecommunication.
Orckit-Corrigent's product portfolio includes Packet Transport
Network (PTN) switches - an MPLS and MPLS-TP dual stack based
portfolio enabling advanced packet as well as legacy services over
packet networks with a wide set of transport features.
Orckit-Corrigent markets its products directly and indirectly
through strategic alliances, as well as distribution and reseller
partners worldwide. Orckit was founded in 1990 and went public in
1996. The company is active in APAC, Western and Eastern Europe,
and America.
For more information, please visit www.orckit.com. Follow Orckit
on Twitter @ORCT
CONTACT: Ruder Finn Israel for Orckit-Corrigent
Matthew Krieger
+972-544-676-950
matthew@ruderfinn.co.il
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