Metalink Compliant With NASDAQ Stockholders' Equity Requirement; Awaiting Confirmation From NASDAQ
19 Febbraio 2010 - 12:00PM
PR Newswire (US)
Reverse Share Split Set for February 22, 2010 YAKUM, Israel,
February 19, 2010 /PRNewswire-FirstCall/ -- Metalink Ltd.
(NASDAQ:MTLK) today announced that, as a result of the previously
reported closing of the sale of its WLAN business to Lantiq, the
Company believes that it has regained compliance with NASDAQ's
stockholders' equity requirement of $2.5 million. The Company is
awaiting confirmation of the same from NASDAQ. In addition and as
previously announced, NASDAQ has advised the Company that it must
evidence a closing bid price of its ordinary shares of at least
$1.00 per share for a minimum of ten consecutive business days by
February 26, 2010. Given that the Company has not yet achieved a
closing bid price of at least $1.00 per share as of February 18,
2010, the Company will not be able to timely satisfy this
requirement. However, the Company plans to implement a one-for-ten
reverse split of its outstanding ordinary shares effective on
Monday, February 22, 2010 at 8:00 a.m. Israel time (1:00 a.m. EST),
such that the record date for the share split for the purposes of
the Tel Aviv Stock Exchange will be the close of business on
February 21, 2010. Accordingly, the Company is in the process of
seeking a one-week extension from NASDAQ of the February 26, 2010
deadline to evidence a closing bid price of at least $1.00 per
share for the requisite ten-day trading period, through March 5,
2010. There can be no assurance that NASDAQ will grant the
Company's request or that the Company's securities will remain
listed on NASDAQ. 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 our
continued listing on NASDAQ, 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. Eran Vital
General Counsel Metalink Ltd. Tel: +972-9-9605555 Fax:
+972-9-9605544 DATASOURCE: Metalink Ltd CONTACT: Eran Vital:
General Counsel, Metalink Ltd., Tel: +972-9-9605555, Fax:
+972-9-9605544,
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