TEL AVIV, Israel, June 8, 2017 /PRNewswire/ -- Ability Inc.
(NASDAQ: ABIL) (the "Company"), a leading provider of innovative
tactical communications intelligence solutions, today announced
that on June 6, 2017 it 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 ended June
5, 2017, 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
December 4, 2017 (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)(F).
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. ("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.
Investor Relations Contacts:
MS-IR LLC
Miri Segal
Tel: 917-607-8654
msegal@ms-ir.com
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SOURCE Ability Inc.