OR YEHUDA, Israel, April 18, 2018 /PRNewswire/ --
Formula Systems (1985) Ltd. ("Formula"
or the "Company") (NASDAQ: FORTY) (TASE: FORTY), a global
information technology holding company engaged, through its
subsidiaries and affiliates, in providing software consulting
services and computer-based business solutions and developing
proprietary software products, announced today that it has received
a NASDAQ Staff Deficiency Letter pursuant to Listing Rule
5810(c)(2)(G), indicating that the Company has failed to comply
with the requirement relating to the timing for holding its annual
shareholder meeting during the Company's fiscal year ended December
31, 2017.
As a means of regaining compliance with this requirement, the
Company has informed NASDAQ that it has already provided notice to
its shareholders of its upcoming annual meeting of shareholders,
which will take place at 2:00 p.m.
(Israel time) on Monday, May 21, 2018, at Formula's offices at 5
HaPlada Street, Or Yehuda 6021805, Israel. Towards that end, the Company has
furnished to the Securities and Exchange Commission (in a report on
Form 6-K furnished on April 11, 2018)
and distributed to the holders of its ordinary shares (including
shares represented by American Depositary Shares) a notice and
proxy statement and form of proxy card and/or voting instruction
form for that annual shareholder meeting. The Company has
furthermore already received and forwarded to NASDAQ the
irrevocable proxy card of its largest shareholder, Asseco Poland
SA, voting in favor of all proposals to be addressed at the annual
meeting and assuring (by virtue of its voting power) that there
will be a quorum at the meeting.
Accordingly, once the Company holds the foregoing annual
meeting, it will regain compliance with Listing Rule 5620(a),
thereby obviating the need for further action on NASDAQ's part in
respect of this matter.
About Formula
Formula Systems (1985) Ltd. is a global information technology
company engaged, through its subsidiaries and affiliates, in
providing software consulting services and computer-based business
solutions and developing proprietary software products.
For more information, visit http://www.formulasystems.com.
Except for any historical information contained herein, matters
discussed in this press release might include forward-looking
statements that involve a number of risks and uncertainties.
Regarding any financial statements, actual results might vary
significantly based upon a number of factors including, but not
limited to, risks in product and technology development, market
acceptance of new products and continuing product conditions, both
locally and abroad, release and sales of new products by strategic
resellers and customers, and other risk factors detailed in
Formula's most recent annual report and other filings with the
Securities and Exchange Commission. These forward-looking
statements are made only as of the date hereof, and the Company
undertakes no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events
or otherwise.
Press Contact:
Formula Systems (1985) Ltd.
+972-3-5389487
ir@formula.co.il
SOURCE Formula Systems