Ability Inc. Announces Receipt of Delisting Notification Letter From Nasdaq
08 Novembre 2019 - 10:30PM
Ability Inc. (NASDAQ: ABIL) (the “Company”), a leading provider of
innovative tactical communications intelligence solutions, today
announced that on November 6, 2019, it received a
determination letter (the “Letter”) from The Nasdaq Stock Market
LLC (“Nasdaq”) indicating that it did not comply with the
Listing Rule 5550(b) (the “Equity Rule”) for continued listing on
the Nasdaq Capital Market, which requires the Company to have a
minimum of $2,500,000 in stockholders’ equity or market value of
listed securities of $35 million or net income from continuing
operations of $500,000 in the most recently completed fiscal year
or two of the last three most recently completed fiscal years.
The Letter indicates that Listing Rule
5815(d)(4)(B) does not permit an issuer that is deficient in
stockholders’ equity to present a plan of compliance to the Nasdaq
Staff if such issuer has failed to comply with that provision
within one year of a Hearing Panel (the “Panel”) determination of
compliance. As previously disclosed, on December 11, 2018, the
Company received a letter from Nasdaq notifying the Company that it
has regained compliance with the Equity Rule (the “Compliance
Letter”).
The Letter states that since the Company
is out of compliance with the Equity Rule within one
year of the Compliance Letter, the Staff cannot allow the
Company to submit a plan of compliance. As a result, unless the
Company requests an appeal of the Staff’s determination by
requesting a hearing before a Panel before 4:00 p.m. Eastern Time
on November 13, 2019, trading of Company’s ordinary shares will be
suspended at the opening of business on November 15, 2019, and a
Form 25-NSE will be filed with the Securities and Exchange
Commission which will remove the Company’s securities from listing
and registration on The Nasdaq Stock Market.
The Company intends to request an appeal hearing
with the Panel by November 13, 2019, to review the delisting
determination. Upon Nasdaq’s receipt of a timely hearing request by
the Company, it will ‘stay’ the suspension of the Company’s
securities and the filing of the Form 25-NSE pending the Panel’s
decision.
There can be no assurance that the Panel will
grant the Company’s request for continued listing, or that the
Company will meet the Equity Rule during any compliance period or
in the future, or otherwise meet Nasdaq compliance standards, or
that Nasdaq will grant the Company any relief from delisting as
necessary, or that the Company will be able to ultimately meet
applicable Nasdaq requirements for any such relief.
About Ability Inc.
Ability Inc. is the sole owner of Ability
Computer & Software Industries Ltd. (“ACSI”) and Ability
Security Systems Ltd. Headquartered in Tel Aviv, Israel, ACSI was
founded in 1994. ACSI provides advanced interception, geolocation
and cyber intelligence tools used by security and intelligence
agencies, military forces, law enforcement and homeland security
agencies worldwide. ACSI has sold to governments and government
agencies in over 50 countries. ACSI offers a broad range of lawful
interception, decryption, cyber and geolocation solutions for
cellular and satellite communication, including Ultimate
Interceptor (ULIN), 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 ACSI’s scalable offerings, which can be
tactical-and-portable, or strategic-and-fixed, depending on its
customers’ needs. Additional information regarding ACSI 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.
Contact at Ability:
Avi Levin CFO +972-3-6879777 avi@ability.co.il
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