Metalink Completes Sale of its WLAN Business
15 Febbraio 2010 - 7:17PM
PR Newswire (US)
Receives NASDAQ Hearing Panel Determination for Continued Listing;
Announces One-for-Ten Reverse Share Split YAKUM, Israel, February
15, 2010 /PRNewswire-FirstCall/ -- Metalink Ltd. (NASDAQ:MTLK)
today announced that it has completed the sale of its wireless
local area network (WLAN) business to Lantiq for up to $16.5
million in cash. As previously reported, as part of the closing,
Lantiq has paid Metalink $5.7 million, of which $3.75 million was
used to repay the first installment under Metalink's loan agreement
with an institutional investor. Continued Listing on NASDAQ
Metalink also reported today that it has received a letter from The
NASDAQ Stock Market LLC ("NASDAQ") stating that the NASDAQ Hearing
Panel has granted Metalink's request for continued listing on The
NASDAQ Capital Market subject to the conditions that, on or before
February 26, 2010, Metalink shall have (1) reached stockholders'
equity of at least $2.5 million as a result of the closing of the
pending sale of its WLAN business to Lantiq, and (2) evidenced a
closing bid price of $1.00 or more for a minimum of 10 consecutive
trading days. In order to meet the closing bid price requirement,
the Board of Directors of Metalink has approved a one-for-ten
reverse split of the Company's outstanding ordinary shares.
Metalink is targeting February 22, 2010, for the implementation of
the reverse stock split. Consequently, Metalink does not expect to
be able to meet the required bid price requirement for the minimum
10 day period by February 26th. Accordingly, Metalink is seeking a
further extension of time from the NASDAQ Hearing Panel.
However,there can be no assurance that NASDAQ will grant Metalink a
further extension of time or that Metalink will be able to timely
demonstrate compliance with all applicable continued listing
requirements. Reverse Share Split As noted above, the Board of
Directors of Metalink has approved a one-for-ten reverse split of
the Company's outstanding ordinary shares, to become effective as
early as Monday, February 22, 2010. In accordance with NASDAQ
procedures for reverse stock splits, on that date Metalink's shares
will begin trading under the symbol "MTLKD" for a period of 20
trading days, after which the symbol will return to "MTLK". After
the reverse split, the number of the Company's authorized Ordinary
Shares will decrease from 50 million to 5 million; the number of
Ordinary Shares outstanding is expected to decrease from 26,903,732
to 2,690,373, reflecting the rounding of fractional shares; and,
the par value per Ordinary Share will increase from NIS 0.1 to NIS
1.0. SAFE HARBOR STATEMENT This press release contains "forward
looking statements" within the meaning of the United States
securities laws. Words such as "aim," "expect," "estimate,"
"project," "forecast," "anticipate," "intend," "plan," "may,"
"will," "could," "should," "believe," "predicts," "potential,"
"continue," and similar expressions are intended to identify such
forward-looking statements. For example, when we discuss the future
plans for Metalink, we are using a forward looking statement.
Because such statements deal with future events, they are subject
to various risks and uncertainties that could cause actual results
to differ materially from those in the forward looking statements.
Factors that could cause or contribute to such differences include,
but are not limited to: in light of our cash status, our inability
to raise additional funds or enter into other strategic
transactions on a timely basis may lead us to insolvency; our
inability to regain compliance with NASDAQ'S requirements for
continued listing; any unforeseen developmental or technological
difficulties with regard to our products; changes in the
competitive landscape, including new competitors or the impact of
competitive pricing and products; and the impact on revenues of
economic and political uncertainties and weaknesses in various
regions of the world, including the commencement or escalation of
hostilities or acts of terrorism. Additional factors that could
cause actual results to differ materially from these
forward-looking statements are set forth from time to time in
Metalink's filings with the SEC, including Metalink's Annual Report
in Form F-20. Readers are cautioned not to place undue reliance on
forward-looking statements. Except as required by applicable law,
the Company undertakes no obligation to republish or revise
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrences of unanticipated
events. The Company cannot guarantee future results, events, and
levels of activity, performance, or achievements. Contact: Eran
Vital General Counsel Metalink Ltd. Tel: +972-9-9605555 Fax:
+972-9-9605544 DATASOURCE: Metalink Ltd CONTACT: Contact: Eran
Vital, General Counsel, Metalink Ltd., Tel: +972-9-9605555, Fax:
+972-9-9605544,
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