Ability Inc. Announces Receipt of Nasdaq Letter
August 02 2019 - 5:22PM
Ability Inc. (NASDAQ: ABIL) (the “Company”), which provides
innovative tactical communications intelligence solutions, today
announced that today it has received notification from the Listing
Qualifications Department of The Nasdaq Stock Market (the “Staff”)
that the Company is not in compliance with the minimum bid price
requirement set forth in Nasdaq’s Listing Rule 5550(a)(2).
Nasdaq Listing Rule 5550(a)(2) requires listed
securities to maintain a minimum bid price of $1.00 per share and
Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet
the minimum bid price requirement exists if the deficiency
continues for a period of 30 consecutive business days. Based on
the closing bid price of the Company’s ordinary shares for the 30
consecutive business days prior to the date of the notification
letter, the Company no longer meets the minimum bid price
requirement. The deficiency notification does not result in the
immediate delisting of the Company’s ordinary shares from the
Nasdaq Capital Market.
In accordance with Nasdaq Listing Rule
5810(c)(3)(A), the Company has an initial grace period of 180
calendar days, or until January 29, 2020 (the “Compliance Period”),
to regain compliance with the minimum bid price requirement. If, at
any time during the Compliance Period, the bid price for the
Company’s ordinary shares closes at $1.00 or more for a minimum of
10 consecutive business days, the Staff will provide notification
to the Company that it complies with the minimum bid price
requirement, unless the Staff exercises its discretion to extend
this 10 day period requirement pursuant to Nasdaq Listing Rule
5810(c)(3)(G).
If the Company does not regain compliance with
the minimum bid price requirement during the Compliance Period, the
Company may be afforded an additional 180 calendar day period to
regain compliance. To qualify, the Company would be required to
meet the continued listing requirement for market value of publicly
held shares and all other initial listing standards for The Nasdaq
Capital Market, except for the minimum bid price requirement. In
addition, the Company would be required to notify Nasdaq of its
intent to cure the minimum bid price deficiency.
If the Company does not regain compliance with
the minimum bid price requirement during the Compliance Period and
is not eligible for an additional compliance period at that time,
the Staff will provide notification to the Company that its
ordinary shares may be delisted. The Company would then be entitled
to appeal the Staff’s determination to a Nasdaq Listing
Qualifications Panel and request a hearing. There can be no
assurance that, if the Company does appeal the delisting
determination by the Staff to the Nasdaq Listing Qualifications
Panel, such appeal would be successful.
At present, the Company intends to monitor the
closing bid price of its ordinary shares and may, if appropriate,
consider available options to regain compliance with the minimum
bid price requirement, which could include effecting a reverse
stock split. However, there can be no assurance that the Company
will be able to regain compliance with the minimum bid price
requirement.
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 Ultimate
Interception (ULIN), 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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