Elbit Imaging Ltd. Announces Receipt of NASDAQ Notification Regarding Minimum Bid Price
January 19 2016 - 9:03AM
Elbit Imaging Ltd. (NASDAQ:EMITF) (the
“
Company”) announced today that it received a
written notification from the Listing Qualifications Department of
The NASDAQ Stock Market LLC advising the Company that it is no
longer in compliance with the NASDAQ Listing Rules because the
closing bid price for the Company's ordinary shares was below the
minimum $1.00 per share for a period of 30 consecutive business
days. NASDAQ Listing Rule 5450(a)(1) requires the Company to
maintain a minimum bid price of $1 per share. The notification
letter states that in accordance with the NASDAQ Listing Rules the
Company will be afforded 180 calendar days to regain compliance. In
order to regain compliance, the closing bid price for the Company's
ordinary shares must be a least $1.00 per share for a minimum of
ten consecutive business days. The compliance period expires on
July 12, 2016.
The Company intends to monitor the bid price for
its ordinary shares between the date hereof and July 12, 2016 and
will consider all available options to resolve the deficiency and
regain compliance with the minimum bid price requirement. If
necessary, the Company may effect a reverse stock split to regain
compliance. In the event that the bid price non-compliance is not
cured by the end of the applicable compliance period, the Company's
ordinary shares may be subject to delisting.
About Elbit Imaging Ltd.Elbit Imaging Ltd.
operates in the following principal fields of business: (i)
Commercial centers - initiation, construction, and sale of
commercial centers and other mixed-use property projects,
predominantly in the retail sector, located in Central and Eastern
Europe. In certain circumstances and depending on market
conditions, the Group operates and manages commercial centers prior
to their sale. (ii) Hotels - hotels operation and management. (iii)
Medical industries and devices - (a) research and development,
production and marketing of magnetic resonance imaging guided
focused ultrasound treatment equipment, and (b) development of stem
cell population expansion technologies and stem cell therapy
products for transplantation and regenerative medicine. (iv)
Residential projects - initiation, construction and sale of
residential units or plots designated for residential located
primarily in India.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995Any
forward-looking statements in our releases include statements
regarding the intent, belief or current expectations of Elbit
Imaging Ltd. and our management about our business, financial
condition, results of operations, and its relationship with its
employees and the condition of our properties. Words such as
“believe,” "would," “expect,” “intend,” “estimate” and similar
expressions are intended to identify forward-looking statements but
are not the exclusive means of identifying such statements. Actual
results may differ materially from those projected, expressed or
implied in the forward-looking statements as a result of various
factors including, without limitation, the factors set forth in our
filings with the Securities and Exchange Commission including,
without limitation, Item 3.D of our annual report on Form 20-F for
the fiscal year ended December 31, 2014, under the caption “Risk
Factors.” Any forward-looking statements contained in our releases
speak only as of the date of such release, and we caution existing
and prospective investors not to place undue reliance on such
statements. Such forward-looking statements do not purport to be
predictions of future events or circumstances, and therefore, there
can be no assurance that any forward-looking statement contained in
our releases will prove to be accurate. We undertake no obligation
to update or revise any forward-looking statements.
For Further Information:
Company Contact
Ron Hadassi
Chairman of the Board of Directors
Tel: +972-3-608-6048
Fax: +972-3-608-6050
ron@elbitimaging.com
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