PETACH-TIKVA, Israel,
October 4, 2018 /PRNewswire/ --
Eltek Ltd., (NASDAQ: ELTK), a global manufacturer and supplier
of technologically advanced solutions in the field of printed
circuit boards, announced today that on October 2, 2018, it received a notice from the
Listing Qualifications Department of Nasdaq advising the Company
that as of October 1, 2018, the
Company did not maintain stockholders' equity of $2.5 million, nor does it meet the alternatives
of market value of listed securities or net income from continuing
operations, and therefore is not in compliance with the applicable
listing rule.
Eltek has 45 calendar days, until November 16, 2018, to submit a plan to regain
compliance. If the plan is accepted, the Listing Qualifications
Department of Nasdaq can grant an extension of up to 180 calendar
days from October 2, 2018, to allow
the Company to evidence compliance.
Mr. Eli Yaffe, Chief Executive
Officer, commented: "We are evaluating certain
alternatives to regain compliance and intend to submit a plan prior
to the November 16, 2018
deadline."
About Eltek
Eltek - "Innovation Across the Board", is a global manufacturer
and supplier of technologically advanced solutions in the field of
printed circuit boards (PCBs), and is the Israeli leader in this
industry. PCBs are the core circuitry of most electronic devices.
Eltek specializes in the manufacture and supply of complex and high
quality PCBs, HDI, multilayered and flex-rigid boards for the
high-end market. Eltek is ITAR compliant and has AS-9100 and NADCAP
Electronics certifications. Its customers include leading companies
in the defense, aerospace and medical industries in Israel, the United
States, Europe and
Asia.
Eltek was founded in 1970. The Company's headquarters, R&D,
production and marketing center are located in Israel. Eltek also operates through its
subsidiaries in North America and
in Europe and by agents and
distributors in Europe,
India, South Africa and South America.
For more information, visit Eltek's web site at
http://www.nisteceltek.com.
Forward Looking Statement:
Certain matters discussed in this news release are
forward-looking statements that involve a number of risks and
uncertainties including, but not limited to statements regarding
expected results in future quarters, risks in product and
technology development and rapid technological change, product
demand, the impact of competitive products and pricing, market
acceptance, the sales cycle, changing economic conditions and other
risk factors detailed in the Company's Annual Report on Form 20-F
and other filings with the United States Securities and Exchange
Commission.
Investor Contact:
Amnon Shemer
Chief Financial Officer
amnons@nisteceltek.com
+972-3-9395023
SOURCE Eltek Ltd.