Ability Inc. Announces Receipt of Nasdaq Letter
January 17 2018 - 4:15PM
Ability Inc. (NASDAQ:ABIL) (the “Company”), a leading provider of
innovative tactical communications intelligence solutions, today
announced that it received notification from the Listing
Qualifications Department of The Nasdaq Stock Market (the “Staff”)
that the Company is not in compliance with Nasdaq Listing
Rule 5550(b)(1) due to the Company’s failure to maintain
a minimum of $2,500,000 in shareholders’ equity (the “Minimum
Shareholders’ Equity Requirement”) or any alternatives to such
requirement.
Nasdaq’s notice has no immediate effect on the
listing of the Company’s ordinary shares on The Nasdaq Capital
Market. Nasdaq has provided the Company with 45 days, or until
February 26, 2018, to submit to Nasdaq a plan to regain compliance
with the Minimum Shareholders’ Equity Requirement. If Nasdaq
accepts the Company’s plan, Nasdaq may grant an extension of up to
180 calendar days from the date of the notice, or until July 11,
2018, to evidence compliance with the Minimum Shareholders’ Equity
Requirement.
The Company intends to evaluate its courses of
action and to timely submit a plan to Nasdaq to regain compliance
with the Nasdaq Minimum Shareholders’ Equity Requirement. However,
there can be no assurance that the Company’s plan will be accepted
or that if it is, the Company will be able to regain
compliance.
About Ability Inc.
Ability Inc. is the sole owner of Ability Computer &
Software Industries Ltd. (“Ability”) and Ability Security Systems
Ltd.
Headquartered in Tel Aviv, Israel, Ability was
founded in 1994. Ability provides advanced interception,
geolocation and cyber intelligence tools used by security and
intelligence agencies, military forces, law enforcement and
homeland security agencies worldwide. Ability has sold to
governments and government agencies in over 50 countries. Ability
offers a broad range of lawful interception, decryption, cyber and
geolocation solutions for cellular and satellite communication,
including ULIN, or Ultimate Interceptor, 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 Ability’s scalable offerings,
which can be tactical-and-portable, or strategic-and-fixed,
depending on its customers’ needs. Additional information regarding
Ability 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.
Investor Relations Contacts:
MS-IR LLCMiri SegalTel: 917-607-8654msegal@ms-ir.com
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