Ability Inc. Regains Compliance With Nasdaq Minimum Shareholders’ Equity Requirement
December 12 2018 - 7:30AM
Ability Inc. (NASDAQ: ABIL) (the “Company”), which provides
innovative tactical communications intelligence solutions, today
announced that, on December 11, 2018, it received a letter from The
Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it
has regained compliance with the minimum shareholders’ equity
requirement for continued listing on The Nasdaq Capital Market, as
set forth in Nasdaq Listing Rule 5550(b)(1).
As previously reported, on September 17, 2018,
the Nasdaq Listing Qualifications Panel (the “Panel”) determined to
continue the listing of the Company’s ordinary shares on Nasdaq,
subject to the Company having, on or before November 30, 2018,
completed its compliance plan and regained compliance with the
minimum shareholders’ equity requirement and demonstrated to the
satisfaction of the Panel that it can maintain compliance over the
coming year. The Company had until November 30, 2018 to demonstrate
compliance with all requirements for continued listing.
The Company filed a Report on Form 6-K (the
“Report”) with the Securities and Exchange Commission on November
28, 2018, announcing the closing of a registered offering (the
“Offering”), pursuant to which it raised net proceeds of
approximately $8.8 million, after deducting the estimated placement
agent’s fees and estimated offering expenses payable by the
Company, and assuming full exercise of the pre-funded warrants
issued in the Offering and excluding any proceeds from the exercise
of warrants in the Offering. As a result, and as stated in the
Report, the Company believed it satisfied the minimum shareholders’
equity requirement for continued listing on The Nasdaq Capital
Market as of the date of the Report. Accordingly, the Panel has
determined to continue the Company’s listing on the Nasdaq, and the
previously announced delisting proceedings are now closed.
About Ability Inc.
Ability Inc. is the sole owner of Ability
Computer & Software Industries Ltd. (“ACSI”) and Ability
Security Systems Ltd. Headquartered in Tel Aviv, Israel, ACSI was
founded in 1994. ACSI provides advanced interception, geolocation
and cyber intelligence tools used by security and intelligence
agencies, military forces, law enforcement and homeland security
agencies worldwide. ACSI has sold to governments and government
agencies in over 50 countries. ACSI 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 ACSI’s scalable offerings, which can be
tactical-and-portable, or strategic-and-fixed, depending on its
customers’ needs. Additional information regarding ACSI 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 Levin
CFO
+972-3-6879777
avi@ability.co.il
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