Orckit Announces Receipt of Nasdaq Delisting Notice; Intends to Request Hearing to Appeal Decision
09 Janvier 2012 - 2:00PM
Orckit Communications Ltd. (Nasdaq:ORCT), a leading Packet
Transport Network (PTN) vendor, today announced that, on January 3,
2012, it received a written notification (the "Determination
Letter") from the Listing Qualifications Department (the "Staff) of
The NASDAQ Stock Market LLC stating that the Company's ordinary
shares would be subject to delisting from The Nasdaq Global Market,
unless the Company timely requests a hearing before a Nasdaq
Listing Qualifications Panel (the "Panel"), because the Company did
not meet the requirement to maintain a minimum of $10 million in
shareholders' equity, as set forth in Nasdaq Listing Rule
5450(b)(1)(A).
The Company intends to request a hearing before the Panel, which
will stay any action with respect to the Determination Letter and
allow the continued listing of the Company's ordinary shares until
the Panel renders a decision subsequent to the hearing. At the
hearing, the Company intends to present a plan to regain compliance
and to request that the Panel allow the Company sufficient time to
complete the plan and thereby evidence compliance with the
applicable stockholders' equity requirement. Under the NASDAQ
Listing Rules, the Panel has the discretion to grant the Company up
to 180 calendar days from the date of the Determination Letter to
demonstrate compliance. However, there can be no assurance that the
Panel will grant the Company's request for continued listing
pending completion of its plan.
The Nasdaq notification does not affect the Company's listing on
the Tel Aviv Stock Exchange, where the Company's ordinary shares
will continue to be listed with no change.
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 Company's need for additional
financing, pending proceeding before the Tel Aviv District
Court, the ability to repay the Company's outstanding convertible
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 regain compliance with the listing requirements of The Nasdaq
Global Market and that the Company will be unable to convince the
Nasdaq Panel to grant it time to complete the Company's plan.
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.
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
Promotora De Informaciones (PK) (USOTC:PRISY)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Promotora De Informaciones (PK) (USOTC:PRISY)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024