Metalink Receives Deficiency Letter From NASDAQ; Will Apply to Transfer Listing to NASDAQ Capital Market; Stock Will Continue to
February 25 2009 - 10:02AM
PR Newswire (US)
YAKUM, Israel, February 25 /PRNewswire-FirstCall/ -- Metalink Ltd.
(NASDAQ:MTLK), a global provider and developer of high-performance
broadband communication silicon solutions, today announced that on
February 19, 2009 it received a NASDAQ Staff Determination letter
indicating that Metalink has failed to comply with the minimum
$10,000,000 stockholders' equity requirement for continued listing
on the NASDAQ Global Market, as set forth in NASDAQ's Marketplace
Rule 4450(a)(3), and that Metalink's securities are therefore
subject to delisting from the NASDAQ Global Market. The NASDAQ
Letter provides Metalink certain alternatives, including to request
to transfer the listing of its ordinary shares to the NASDAQ
Capital Market, no later than March 6, 2009, provided the Company
meets the criteria for continued listing thereon, other than the
minimum $1.00 bid price requirement. After considering the
alternatives, Metalink determined to apply to transfer the listing
of its securities to the NASDAQ Capital Market. Under NASDAQ rules,
in order to qualify for such a transfer, Metalink must have
stockholders equity of not less than $2.5 million, must have not
less than 500,000 shares held by public stockholders other than
officers, directors or 10% beneficial stockholders and must meet
other requirements described at
http://www.nasdaq.com/about/FAQsPhaseDown.stm Until Metalink's
request is decided, Metalink's stock will continue to trade on the
NASDAQ Global Market under the MTLK symbol. NASDAQ Capital Market
is one of the three tiers for NASDAQ-listed securities and includes
over 400 companies. Companies listed on NASDAQ Capital Market must
comply with the same corporate governance standards applicable to
companies listed on The NASDAQ Global Market. The NASDAQ Capital
Market operates in substantially the same manner as The NASDAQ
Global Market and following transfer, Matelink's shares are
expected to continue to trade under the symbol "MTLK". About
Metalink Metalink Ltd. (NASDAQ:MTLK) is a provider of high
performance wireless and wireline broadband communication silicon
solutions. Metalink's WLAN and DSL technologies are designed to
enable true broadband connectivity in every home, and its products
revolutionize the broadband experience by facilitating the
convergence of telecommunication, networking and entertainment.
Metalink's WLANPLUS(TM) is a high-throughput,
802.11n-draft-compliant wireless LAN technology optimized for the
networked home entertainment environment. Featuring advanced MIMO
technology and full support of QoS, and operating in both 2.4GHz
and 5GHz bands, WLANPLUS enables multi-room networking of multiple
high-definition video streams. Further information is available at
http://www.mtlk.com/ Safe Harbor Statement This press release
contains "forward looking statements" within the meaning of the
United States securities laws. Words such as "aim," "expect,"
"estimate," "project," "forecast," "anticipate," "intend," "plan,"
"may," "will," "could," "should," "believe," "predicts,"
"potential," "continue," and similar expressions are intended to
identify such forward-looking statements. For example, when we
discuss our expectation regarding the transfer to the NASDAQ
Capital Market, we are using a forward looking statement. Because
such statements deal with future events, they are subject to
various risks and uncertainties that could cause actual results to
differ materially from those in the forward looking statements.
Factors that could cause or contribute to such differences include,
but are not limited to: our need to raise additional funds in order
for us to implement our current business plan, including our
liquidity requirements, which funds may not be timely available to
us which may lead to insolvency; our inability to regain compliance
with Nasdaq's requirements for continued listing; any unforeseen
developmental or technological difficulties with regard to our
products; changes in the competitive landscape, including new
competitors or the impact of competitive pricing and products; and
the impact on revenues of economic and political uncertainties and
weaknesses in various regions of the world, including the
commencement or escalation of hostilities or acts of terrorism.
Additional factors that could cause actual results to differ
materially from these forward-looking statements are set forth from
time to time in Metalink's filings with the Securities and Exchange
Commission, including Metalink's Annual Report in Form F-20.
Readers are cautioned not to place undue reliance on
forward-looking statements. Except as required by applicable law,
the Company undertakes no obligation to republish or revise
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrences of unanticipated
events. The Company cannot guarantee future results, events, and
levels of activity, performance, or achievements. Contact: Yuval
Ruhama CFO Metalink Ltd. Tel: +972-9-9605555 Fax: +972-9-9605544
DATASOURCE: Metalink Ltd CONTACT: Contact: Yuval Ruhama, CFO,
Metalink Ltd., Tel: +972-9-9605555, Fax: +972-9-9605544,
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