The share price rose 39% on Monday, ahead of Nasdaq’s hearing on the company’s appeal against its delisting on Thursday.
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/By Shiri Habib-Valdhorn /
The share price of Alvarion Ltd. (Nasdaq: ALVR; TASE: ALVR) has been on a rollercoaster of late, with double-digit gains or losses in response to developments at the company, or sometimes for no reason at all. It happened again on Monday, when the share rose 39% on Nasdaq to $0.81, giving a still modest market cap of $5 million. The share rose 24.4% by mid-afternoon on the TASE today to NIS 3.12 ($0.88) .
Speculators were apparently behind yesterday’s rally in the share.
The sale of Alvarion by its receiver to Valley Telecom Ltd. for NIS 38 million ($10.5 million) in August was a positive move as far as Alvarion’s customers and employees were concerned. Its new owner will now try to stabilize the company and find a new CEO, while the receiver, Yoav Kfir, will continue to seek a debt settlement to submit to the court for approval.
One of Kfir’s tasks is to appeal Nasdaq’s decision to delist the company from trading on the Nasdaq Capital Market. The hearing, originally scheduled for September, will be held on Thursday, October 3. Kfir and Valley Telecom owner Jorge Pinievsky have flown to New York to try and persuade Nasdaq not to delist Alvarion.
Published by www.globes-online.com