Ability Inc. Announces Share Consolidation
March 21 2018 - 5:00PM
Ability Inc. (NASDAQ:ABIL) (NASDAQ:ABIWF) (TASE:ABIL) (the
“Company”), a provider of innovative tactical communications
intelligence solutions, today announced a 1-for-10 consolidation of
its ordinary shares. Beginning on the open of trading on Friday,
March 23, 2018, the Company’s ordinary shares will trade on a
post-consolidated basis on the Nasdaq Capital Market under the
Company's existing trading symbol, “ABIL.” Beginning on the open of
trading on Sunday, March 25, 2018, the Company’s ordinary shares
will trade on a post-consolidated basis on the Tel Aviv Stock
Exchange (TASE) under the Company's existing trading symbol,
“ABIL.” The new CUSIP number for the Company's ordinary shares
following the consolidation will be G8789K124. In addition,
pursuant to their terms, a proportionate adjustment will be made to
the per share exercise price and number of shares issuable under
the Company's warrants that are currently quoted on the OTC Pink.
At market open on March 23, 2018, these warrants will trade on a
post-consolidation basis under the trading symbol “ABIWFD” for 20
business days, after which time the “D” will be removed and the
warrants will resume trading under the ticker symbol “ABIWF”. The
new CUSIP number for these warrants following the consolidation
will be G8789K132.
As previously reported, the Company currently
has until April 9, 2018 to regain compliance with the Nasdaq Stock
Market’s minimum bid price requirement, and, to regain compliance,
the Company’s ordinary shares must have a minimum bid price per
share of at least $1.00 for 10 consecutive business days. The
principal reason for the consolidation is to increase the per share
trading price of the Company’s ordinary share in order to help
ensure a share price high enough to satisfy the $1.00 per share
minimum bid price requirement. However, there can be no assurance
that the consolidation will have the desired effect of sufficiently
raising the bid price of the Company’s ordinary shares for the
required period.
The consolidation was previously approved by the
Company’s shareholders at the Company’s annual general meeting held
on December 27, 2017.
At the effective time of the consolidation on
the OTC Pink, Nasdaq and the TASE, every ten ordinary shares of the
Company will be combined into one ordinary share of the Company. No
fractional shares will be issued as a result of the consolidation
and instead, all fractional shares will be rounded to the next
whole number of shares.
When the consolidation takes effect,
shareholders holding ordinary shares in book-entry form or through
a brokerage account will have their shares automatically adjusted
to reflect the consolidation on the effective date. For those
shareholders holding physical share certificates, the Company's
transfer agent, Continental Stock Transfer & Trust Company
Inc., will send a letter of transmittal providing instructions for
the exchange of shares.
Additional information about the consolidation
can be found in the Company’s proxy statement filed with the
Securities and Exchange Commission on December 7, 2017, a copy of
which is available at www.sec.gov.
About Ability Inc.
Ability Inc. is the sole owner of Ability Computer &
Software Industries Ltd. (“Ability”) and Ability Security Systems
Ltd.
Headquartered in Tel Aviv, Israel, Ability was
founded in 1994. Ability provides advanced interception,
geolocation and cyber intelligence tools used by security and
intelligence agencies, military forces, law enforcement and
homeland security agencies worldwide. Ability has sold to
governments and government agencies in over 50 countries. Ability
offers a broad range of lawful interception, decryption, cyber and
geolocation solutions for cellular and satellite communication,
including ULIN, or Ultimate Interceptor, which to our knowledge, is
the first-to-market SaaS strategic interception system with voice
and geolocation capabilities without geographic limitation.
State-of-the-art technology underpins Ability’s scalable offerings,
which can be tactical-and-portable, or strategic-and-fixed,
depending on its customers’ needs. Additional information regarding
Ability may be found at http://www.interceptors.com.
Caution Regarding Forward-Looking
Statements
This press release contains “forward-looking
statements.” Words such as “may,” “should,” “could,” “would,”
“predicts,” “potential,” “continue,” “expects,” “anticipates,”
“future,” “intends,” “plans,” “believes,” “estimates,” and similar
expressions, as well as statements in future tense, often signify
forward-looking statements. Forward-looking statements should not
be read as a guarantee of future performance or results and may not
be accurate indications of when such performance or results will be
achieved. Forward-looking statements are based on information that
the Company has when those statements are made or management’s good
faith belief as of that time with respect to future events, and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements. The Company assumes
no obligation to publicly update or revise its forward-looking
statements as a result of new information, future events or
otherwise.
Investor Relations Contacts:
MS-IR LLCMiri SegalTel: 917-607-8654msegal@ms-ir.com
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