Ability Inc. Announces Delisting From Nasdaq
December 24 2019 - 10:09AM
Ability Inc. (Nasdaq: ABIL) (the “Company”), a leading provider of
innovative tactical communications intelligence solutions, today
announced that it received a letter, dated December 23, 2019, from
the Nasdaq Hearings Panel of The Nasdaq Stock Market LLC informing
the Company that the Panel has determined to delist the Company’s
ordinary shares from the Nasdaq and will suspend trading in the
shares effective at the open of business on December 26, 2019.
As previously announced, on November 6, 2019,
the Nasdaq informed the Company that it did not meet Nasdaq Listing
Rule 5550(b) for continued listing on the Nasdaq Capital Market,
which requires the Company to have a minimum of $2,500,000 in
stockholders’ equity or market value of listed securities of $35
million or net income from continuing operations of $500,000 in the
most recently completed fiscal year or two of the last three most
recently completed fiscal years.
The Company requested a hearing, which was held
on December 12, 2019, at which the Company presented a plan of
compliance and requested a further extension of time, but the Panel
determined not to accept the Company’s request.
Nasdaq has informed the Company that it will
file a Form 25 (Notification of Removal from Listing) with the
Securities and Exchange Commission after applicable appeal periods
have lapsed to notify the SEC of the delisting of the Company's
ordinary shares.
The Company’s ordinary shares will continue to
be listed on the Tel Aviv Stock Exchange. The Company expects
that its ordinary shares will be quoted on the OTC Pink Open
Market, operated by OTC Markets Group, a centralized electronic
quotation service for over-the-counter securities.
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, offering and providing advanced interception,
geolocation for cellular and satellite communication and cyber
intelligence tools used worldwide by Security and Intelligence
Agencies, Military forces, Law Enforcement Agencies and Homeland
Security Agencies. ACSI offers a broad range of lawful
interception, decryption, cyber and geolocation solutions for
cellular and satellite communication. 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 LevinCFO+972-3-6879777avi@ability.co.il
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