Trading in Orckit's Ordinary Shares to Move From NASDAQ to the OTCQB
June 21 2012 - 8:59AM
Orckit Communications Ltd. (Nasdaq:ORCT) (the "Company") today
announced that it has been notified by The NASDAQ Stock Market that
trading in the Company's securities will be suspended on NASDAQ
effective with the open of trading on Friday, June 22, 2012. On
that same date, the Company's ordinary shares will be eligible to
trade on the OTCQB. The Company's trading symbol will remain ORCT.
The OTCQB is a market tier for OTC-traded companies that are
registered and current in their reporting obligations with the
Securities and Exchange Commission, and is the home to
approximately 3,500 small and emerging companies. The Company
intends to maintain the registration of its ordinary shares with
the SEC. The Company's ordinary shares are also expected to remain
listed on the Tel Aviv Stock Exchange.
As previously announced on March 29, 2012, a NASDAQ Listing
Qualifications Panel (the "Panel") determined to transfer the
Company's listing to The NASDAQ Capital Market and granted the
Company additional time to achieve compliance with the $2.5 million
stockholders' equity requirement for continued listing for that
market through June 27, 2012. The Company subsequently advised
NASDAQ that, as a result of unexpected delays in the approval
process of the arrangement with its note holders, it would not be
able to demonstrate compliance by the June 27th deadline and
requested a further extension of time. By letter dated June 20,
2012, the Company received notice that a further extension would
not be granted. In the meantime, as announced yesterday, the
Company has received final court approval of the arrangement and
expects it to become effective at a closing next week.
The Company plans to appeal the Panel's decision to the NASDAQ
Listing and Hearing Review Council. If the decision is not reversed
on appeal, the Company intends to apply to re-list its shares on
The NASDAQ Stock Market if its financial condition improves
sufficiently to enable it to meeting the conditions for
listing.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties
including, but not limited to, the risk that challenges by third
parties or other events outside the control of the Company would
delay the implementation of the arrangement or result in its
termination, and the risk factors detailed in the Company's U.S.
Securities and Exchange Commission reports, including but not
limited to, those included in its annual report on Form 20-F filed
on May 15, 2012. Actual results may materially differ from those
set forth in this report on Form 6-K. The Company assumes no
obligation to update the information in this report on Form
6-K.
About Orckit Communications Ltd.
Orckit facilitates telecommunication providers' delivery of high
capacity broadband residential, business and mobile services over
wireline or wireless networks with its Orckit-Corrigent family of
products. With 20 years of field experience with Tier-1 customers
located around the world and sound leadership, Orckit has a firm
foothold in the ever-developing world of telecommunication.
Orckit-Corrigent's product portfolio includes Packet Transport
Network (PTN) switches - an MPLS and MPLS-TP dual stack based
portfolio enabling advanced packet as well as legacy services over
packet networks with a wide set of transport features.
Orckit-Corrigent markets its products directly and indirectly
through strategic alliances, as well as distribution and reseller
partners worldwide. Orckit was founded in 1990 and went public in
1996. The company is active in APAC, Western and Eastern Europe,
and America.
For more information, please visit http://www.orckit.com. Follow
Orckit on Twitter @ORCT. Additional information about the OTCQB is
available at www.otcmarkets.com.
CONTACT: Ruder Finn Israel for Orckit-Corrigent
Matthew Krieger
+972-544-676-950
matthew@ruderfinn.co.il