HAIFA, Israel, June 24, 2020 /PRNewswire/ -- Elbit Systems
Ltd. (NASDAQ: ESLT) and (TASE: ESLT) ("Elbit Systems"
or the "Company") announced today that, as anticipated, it has
received a notice of deficiency (the "Notice") from The Nasdaq
Stock Market LLC ("Nasdaq") notifying the Company that it is not in
compliance with Nasdaq Listing Rule 5605(b)(1) which requires that
a majority of the board of directors of a listed company be persons
who qualify as "independent directors" under Nasdaq's Listing
Rules. As a result of the June 17,
2020 resignation by Mr. Moshe
Kaplinsky, who was an independent director, the Company's
board of directors consists of an equal number of independent and
non-independent directors.
On June 17, 2020, the Company
announced (i) Mr. Kaplinsky's resignation, (ii) the Company's
notice to Nasdaq that the Company would be temporarily out of
compliance with the independent directors majority requirement and
(iii) the Company's intent to promptly proceed with the process of
identifying a suitable candidate for election as a director and
convening a shareholders meeting for his or her election, within
the period contemplated by Nasdaq's Listing Rules.
The Notice does not impact the Company's listing on the Nasdaq
Global Select Market at this time, provided that the Company cures
the deficiency under Nasdaq Listing Rule 5605(b)(1) within the time
period specified by the applicable Nasdaq Listing Rule. For this
purpose, Nasdaq Listing Rule 5810(c)(3)(C)(E) requires the Company
to cure the deficiency by the earlier of its next annual
shareholders meeting or one year from the event that caused the
deficiency (the "Event"); however, if the Company's next
annual shareholders' meeting is held sooner than 180 days after the
Event, then the Company has 180 days from the Event to cure it.
The Company is also listed on the Tel Aviv Stock Exchange and
the Notice does not affect the Company's status with such listing.
About Elbit Systems
Elbit Systems Ltd. is an international high technology company
engaged in a wide range of defense, homeland security and
commercial programs throughout the world. The Company, which
includes Elbit Systems and its subsidiaries, operates in the areas
of aerospace, land and naval systems, command, control,
communications, computers, intelligence surveillance and
reconnaissance ("C4ISR"), unmanned aircraft systems, advanced
electro-optics, electro-optic space systems, EW suites, signal
intelligence systems, data links and communications systems,
radios, cyber-based systems and munitions. The Company also focuses
on the upgrading of existing platforms, developing new technologies
for defense, homeland security and commercial applications and
providing a range of support services, including training and
simulation systems.
For additional information, visit: https://elbitsystems.com/,
follow us on Twitter or visit our official Facebook, Youtube and
LinkedIn Channels.
This press release may contain forward–looking statements
(within the meaning of Section 27A of the Securities Act of 1933,
as amended, Section 21E of the Securities Exchange Act of 1934, as
amended and the Israeli Securities Law, 1968) regarding Elbit
Systems Ltd. and/or its subsidiaries (collectively the Company), to
the extent such statements do not relate to historical or current
facts. Forward-looking statements are based on management's current
expectations, estimates, projections and assumptions about future
events. Forward–looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995, as amended. These statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions about the Company, which are difficult to predict,
including projections of the Company's future financial results,
its anticipated growth strategies and anticipated trends in its
business. Therefore, actual future results, performance and
trends may differ materially from these forward–looking statements
due to a variety of factors, including, without limitation: scope
and length of customer contracts; governmental regulations and
approvals; changes in governmental budgeting priorities; general
market, political and economic conditions in the countries in which
the Company operates or sells, including Israel and the
United States among others; changes in global health and
macro-economic conditions; differences in anticipated and actual
program performance, including the ability to perform under
long-term fixed-price contracts; changes in the competitive
environment; and the outcome of legal and/or regulatory
proceedings. The factors listed above are not all-inclusive,
and further information is contained in Elbit Systems Ltd.'s latest
annual report on Form 20-F, which is on file with the U.S.
Securities and Exchange Commission. All forward–looking statements
speak only as of the date of this release. Although the Company
believes the expectations reflected in
the forward-looking statements contained herein are
reasonable, it cannot guarantee future results, level of activity,
performance or achievements. Moreover, neither the Company nor any
other person assumes responsibility for the accuracy and
completeness of any of these forward-looking statements.
The Company does not undertake to update its forward-looking
statements.
Elbit Systems Ltd., its logo, brand, product, service and
process names appearing in this Press Release are the trademarks or
service marks of Elbit Systems Ltd. or its affiliated
companies. All other brand, product, service and process
names appearing are the trademarks of their respective
holders. Reference to or use of a product, service or process
other than those of Elbit Systems Ltd. does not imply
recommendation, approval, affiliation or sponsorship of that
product, service or process by Elbit Systems Ltd. Nothing contained
herein shall be construed as conferring by implication, estoppel or
otherwise any license or right under any patent, copyright,
trademark or other intellectual property right of Elbit Systems
Ltd. or any third party, except as expressly granted herein.
Contacts:
Company
Contact:
Joseph Gaspar,
Executive VP & CFO
Tel:
+972-4-8316663
j.gaspar@elbitsystems.com
Rami Myerson,
Director, Investor Relations
Tel:
+972-77-2948984
rami.myerson@elbitsystems.com
David Vaaknin,
VP, Head of Corporate Communications
Tel:
+972-77-2946691
david.vaaknin@elbitsystems.com
|
IR
Contact:
Ehud
Helft
Kenny
Green
GK Investor
Relations
Tel:
1-646-201-9246
elbitsystems@gkir.com
|
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SOURCE Elbit Systems Ltd