TEL AVIV, Israel, April 5, 2016 /PRNewswire/ -- RiT Technologies
(NASDAQ: RITT), a leading provider of Converged Infrastructure
Management Solutions, announced today that:
1. On March 29,
2016 the Company received a NASDAQ staff deficiency letter
(the "Letter"), stating that the Company fails to comply with the
requirement to maintain a minimum bid price of $1 per its shares, under NASDAQ Listing Rule
5550(a)(2).The Letter states that based upon the closing bid price
of the Company's securities for the last 30 consecutive business
days, the Company no longer meets the foregoing continued listing
requirement. However, under NASDAQ Rules the Company was provided
with a compliance period of 180 calendar days in which to regain
compliance (during said compliance period, the Company's securities
will continue to be listed and traded on NASDAQ, subject to
applicable NASDAQ rules).
2. On March 29,
2016 the Company received an additional (second) NASDAQ
staff deficiency letter stating that the Company fails to comply
with the requirement to maintain a minimum Market Value of Publicly
Held Shares (MVPHS) of $1,000,000,
under NASDAQ Listing Rule 5550(a)(5).This Letter states that based
upon review of the Company's MVPHS for the last 30 consecutive
business days, the Company no longer meets the foregoing continued
listing requirement. However, under NASDAQ Rules the Company was
provided with a compliance period of 180 calendar days in which to
regain compliance (during said compliance period, the Company's
securities will continue to be listed and traded on NASDAQ, subject
to applicable NASDAQ rules).
About RiT Technologies
RiT Technologies (NASDAQ: RITT) is a leading provider of
converged IT infrastructure management and connectivity solutions.
RiT offers a platform that provides a unified way to manage
converged systems and services to improve network utilization,
streamline infrastructure operations, reduce network operation
cost, optimize future investments and enhance data security.
RiT's connectivity solution includes IIM - Intelligent
Infrastructure Management, high performance end-to-end structured
cabling solutions.
RiT Technologies' subsidiary RiT Wireless Ltd. produces a range
of optical wireless solutions under the Beamcaster brand, which
provide high speed, highly secure data communications across indoor
open spaces.
Deployed around the world in data centers, large corporations,
government agencies, financial institutions, telecommunications,
airport authorities, healthcare organizations and educational
facilities. RiT's shares are traded on the NASDAQ Capital Market
under the symbol RITT.
Safe Harbor Statement
In this press release, all statements that are not purely
about historical facts, including, but not limited to, those in
which we use the words "believe," "anticipate," "expect," "plan,"
"intend," "estimate", "forecast", "target", "could" and similar
expressions, are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. While these
forward-looking statements represent our current judgment of what
may happen in the future, actual results may differ materially from
the results expressed or implied by these statements due to
numerous important factors, including, but not limited to, those
described under the heading "Risk Factors" in our most recent
Annual Report filed with the Securities and Exchange Commission
(SEC) on Form 20-F, which may be revised or supplemented in
subsequent reports filed with the SEC. These factors include,
but are not limited to, the following: our ability to raise
additional financing, if required; the continued development of
market trends in directions that benefit our sales; our ability to
maintain and grow our revenues; our dependence upon independent
distributors, representatives and strategic partners; our ability
to develop new products and enhance our existing products; the
availability of third-party components used in our products; the
economic condition of our customers; the impact of government
regulation; and the economic and political situation in
Israel. Except as otherwise required by applicable law, we
expressly disclaim any obligation to update the forward-looking
statements in this press release, whether as a result of new
information, future events or otherwise.
CONTACTS:
Amit Mantsur, CFO
amitm@rittech.com
+972-77-270-7270
www.rittech.com
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SOURCE RiT Technologies