PETACH-TIKVA, Israel,
July 26, 2018 /PRNewswire/ --
Eltek Ltd., (NASDAQ: ELTK), a
global manufacturer and supplier of technologically advanced
solutions in the field of printed circuit boards, announced today
that on July 24, 2018, it received a
notice from the Listing Qualifications Department of Nasdaq
advising that, in light of the resignation of Ms. Lian Goldstein, an independent director, the
Company is currently not in compliance with Nasdaq's audit
committee requirements as set forth in the Nasdaq Listing
Rules.
Eltek must regain compliance prior to
the earlier of the Company's next annual shareholders' meeting or
July 20, 2019. If the next annual
shareholders' meeting is held before January
16, 2019, the Company must evidence compliance no later than
January 16, 2019.
In the event Eltek does not regain
compliance by the dates set forth above, Nasdaq will provide
written notification to the Company that its securities will be
delisted. At that time, the Company may appeal the delisting
determination to a hearing panel.
Mr. Yitzhak
Nissan, Chairman of the Board of Directors,
commented: "The Company is currently searching for a
professional candidate to replace Ms. Goldstein, which will be
brought for shareholders' approval as soon as practicable."
About Eltek
Eltek - "Innovation Across the Board,"
is a global manufacturer and supplier of technologically advanced
solutions in the field of printed circuit boards (PCBs), and is the
Israeli leader in this industry. PCBs are the core circuitry of
most electronic devices. Eltek specializes in the manufacture and
supply of complex and high quality PCBs, HDI, multilayered and
flex-rigid boards for the high-end market. Eltek is ITAR compliant
and has AS-9100 and NADCAP Electronics certifications. Its
customers include leading companies in the defense, aerospace and
medical industries in Israel,
the United States, Europe and Asia.
Eltek was founded in 1970. The
Company's headquarters, R&D, production and marketing center
are located in Israel. Eltek also
operates through its subsidiaries in North America and in Europe and by agents and distributors in
Europe, India, South
Africa and South
America.
For more information, visit Eltek's web
site at http://www.nisteceltek.com.
Forward Looking Statement:
Certain matters discussed in this news
release are forward-looking statements that involve a number of
risks and uncertainties including, but not limited to statements
regarding expected results in future quarters, risks in product and
technology development and rapid technological change, product
demand, the impact of competitive products and pricing, market
acceptance, the sales cycle, changing economic conditions and other
risk factors detailed in the Company's Annual Report on Form 20-F
and other filings with the United States Securities and Exchange
Commission.
Investor Contact:
Amnon Shemer
Chief Financial Officer
amnons@nisteceltek.com
+972-3-9395023
SOURCE Eltek Ltd.