NASDAQ Grants Orckit's Request for Continued Listing
30 March 2012 - 3:05AM
Orckit Communications Ltd. (Nasdaq:ORCT) (the "Company") today
announced that a NASDAQ Listing Qualifications Panel (the "Panel")
has granted the Company's request for continued listing and for a
transfer of its listing to The NASDAQ Capital Market. Accordingly,
the Company's ordinary shares will begin trading on The NASDAQ
Capital Market effective with the open of business on Friday, March
30, 2012. The transfer of the Company's listing from The
NASDAQ Global Market to The NASDAQ Capital Market should have no
impact on trading in the Company's ordinary shares, and the
Company's ordinary shares will continue to trade under the symbol
ORCT. In addition, the transfer will not impact the Company's
listing on the Tel Aviv Stock Exchange.
The Company's continued listing on The NASDAQ Capital Market is
subject to certain conditions, including the Company's filing of a
Form 6-K with the Securities and Exchange Commission by June 27,
2012 indicating that the Company satisfies the applicable $2.5
million stockholders' equity requirement for continued listing on
the Capital Market, and the submission of financial projections for
the Panel's review evidencing the Company's ability to sustain
compliance with that requirement through the end of 2012. The
Company also remains subject to a grace period through August 13,
2012, by which date the Company must evidence compliance with
NASDAQ's minimum bid price requirement of $1.00 per share. In
the event the Company does not regain compliance with the bid price
requirement by that date, it may be eligible for an additional
180-day compliance period, provided it meets all initial listing
criteria for the Capital Market, with the exception of the bid
price and market value of publicly held shares requirements.
The Panel's decision follows the Company's receipt of notice
from the NASDAQ Listing Qualifications Staff on December 30, 2011
indicating that the Company's securities were subject to delisting
based upon the Company's non-compliance with the $10 million
stockholders' equity requirement for continued listing on The
NASDAQ Global Market. In response, the Company requested a
hearing before the Panel, which was held in February
2012. While the Company is diligently working toward achieving
compliance with all applicable listing requirements, there can be
no assurance that it will be able to do so by the Panel's June 27,
2012 deadline.
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 timely receipt of the requisite
approvals for the proposed arrangement with the Company's note
holders, the amount of notes that will be converted into ordinary
shares, the Company's ability to timely raise sufficient funds in
equity financings, the Company's progress in obtaining large
potential customers and large purchase orders, the ability to repay
the Company's outstanding notes, history of losses, dependence on a
limited number of customers, risks in product development plans and
schedules, rapid technological change, changes and delays in
product approval and introduction, customer acceptance of new
products, the impact of competitive products and pricing, market
acceptance, the lengthy sales cycle, exchange rate fluctuations,
fluctuation in order size, proprietary rights of the Company and
its competitors, risk of operations in Israel, government
regulation, dependence on third parties to manufacture products,
the effect of current global economic conditions, as well as
turmoil in the financial and credit markets, on the Company's
business, share price and ability to raise equity, and other risk
factors detailed in the Company's United States Securities and
Exchange Commission filings. Such risks also include the
possibility that the Company will be unable to satisfy the listing
requirements of The NASDAQ Capital Market by the applicable
deadlines. Actual results may materially differ.
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.
CONTACT: Investor Contact:
Jeff Corbin / Rob Fink
KCSA Strategic Communications
212.896.1206
jcorbin@kcsa.com / rfink@kcsa.com
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