Ability Inc. Announces Receipt of Delisting Determination from Nasdaq Staff; Company to Request Hearing
July 13 2018 - 4:15PM
Ability Inc. (NASDAQ: ABIL) (the “Company”), a leading provider of
innovative tactical communications intelligence solutions, today
announced that it received a letter from the Listing Qualifications
Department of The Nasdaq Stock Market (the “Staff”) indicating that
the Company did not meet the Staff’s July 11, 2018 deadline to
regain compliance with Nasdaq Listing Rule 5550(b)(1) due
to the Company’s failure to maintain a minimum of $2,500,000 in
shareholders’ equity or any alternatives to such requirement.
As a result, the Company would be subject to delisting on July
23, 2018 unless it requests a hearing before a Nasdaq Listing
Qualifications Panel (the “Panel”).
The Company intends to request a hearing before
the Panel at which it will present its plan of compliance and
request a further extension of time. The Panel has the discretion
to grant the Company up to an additional 180 calendar days from
July 12, 2018 to regain compliance.
This request will ordinarily automatically stay
any delisting or suspension action pending the issuance of a final
decision by the Panel; however, the Nasdaq has broad discretionary
public interest authority that it can exercise to apply additional
or more stringent criteria for the continued listing of the
Company’s ordinary shares, or suspend or delist securities. There
can be no assurance that the Panel will ultimately grant an
extension of the compliance period.
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.
Contact at Ability:
Avi LevinCFO+972-3-2879777avi@ability.co.il
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