TEL AVIV, Israel, April 26, 2017 /PRNewswire/ -- Ability Inc.
(NASDAQ: ABIL) (the "Company"), a leading provider of innovative
tactical communications intelligence solutions, today announced
that on April 19, 2017 it received
notification from the Nasdaq Listings Qualifications Department of
the Nasdaq Capital Market ("NASDAQ") that as a result of the recent
resignation of all of the Company's independent directors from the
Company's board of directors, as the Company previously announced
on April 10, 2017, the Company is no
longer in compliance with NASDAQ Listing Rules 5605(b)(1),
5605(c)(2), 5605(d)(2) and 5605(e) (collectively, the "Rules"), as
the Company's board of directors is no longer comprised of a
majority of independent directors nor does it have an audit
committee, compensation committee or nominating committee.
The Company has until May 3, 2017,
a period shorter than normal, to submit a plan to regain compliance
with the above listing rules, and if such plan is accepted by
NASDAQ, then NASDAQ can grant an extension until October 16, 2017 for the Company to regain
compliance with such rules. In addition, NASDAQ requested that the
Company submit a detailed narrative that provides additional
information regarding the events and circumstances that led to the
simultaneous resignation of the independent directors and certain
corporate documentation. The Company is actively searching for
qualified independent directors to serve on the Board and the
applicable committees thereof. The Company intends to appoint these
directors prior to May 3, 2017. The
Company believes that these efforts will bring the Company into
compliance with the listing rules prior to May 3, 2017. However, if the Company is unable to
appoint such independent directors prior to May 3, 2017, it intends to submit the requested
plan to NASDAQ. There can be no assurance that the Company will
ultimately be able to regain compliance with the listing rules.
About Ability Inc.
Ability Inc., ("Ability") is the sole owner of Ability Computer
& Software Industries Ltd., following the December 2015 closing of the business combination
between Cambridge Capital Acquisition Corporation, Ability Computer
& Software Industries Ltd. and Ability.
Headquartered in Tel Aviv,
Israel, Ability Computer & Software Industries Ltd. was
founded in 1994. We provide advanced interception, geolocation and
cyber intelligence tools used by security and intelligence
agencies, military forces, law enforcement and homeland security
agencies worldwide. We have 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 Interception, the first-to-market SaaS strategic
interception system with voice, text 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:
Hayden/ MS-IR LLC
Miri Segal
Tel: +917-607-8654
msegal@ms-ir.com
or
Brett Maas
Tel: 646-536-7331
brett@haydenir.com
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SOURCE Ability Inc.