Company Intends to Appeal NASDAQ’s Decision.
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/By Ilan Shavit/
Alvarion(R) Ltd. (Nasdaq: ALVR; TASE: ALVR) , announced that on July 17, 2013, it received a letter from NASDAQ’s Listing Qualifications Department (the “Staff”) indicating that the Company’s ordinary shares are subject to delisting from NASDAQ in accordance with Listing Rules 5101, 5110(b) and IM-5101-1, due to the Staff’s concerns stemming from the appointment of a Receiver to enforce liens registered against the Company, as well as the residual equity interest of the Company’s shareholders.
The Company intends to request a hearing before the NASDAQ Listing Qualification’s Panel to review the Staff’s decision. The request must be filed within 7 calendar days from receipt of the letter, or by July 24, 2013. Alvarion will remain listed on NASDAQ pending the outcome of the hearing. A hearing date has not been set.
Alvarion Ltd. provides optimized wireless broadband solutions addressing the connectivity, coverage and capacity challenges of telecom operators, smart cities, security, and enterprise customers. Our innovative solutions are based on multiple technologies across licensed and unlicensed spectrums.
The share price fell 46% on Nasdaq yesterday to $0.24, giving a market cap of $1.9 million. while today, Alvarion’s share price corrected upwards by 16.2% on the TASE to NIS 0.87, after falling 53.9% yesterday.
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