Metalink Receives Delisting Notice From NASDAQ
December 04 2009 - 6:12AM
PR Newswire (US)
YAKUM, Israel, December 4 /PRNewswire-FirstCall/ -- Metalink Ltd.
(NASDAQ:MTLK), today announced that on November 30, 2009, it
received a NASDAQ Staff determination letter, notifying the Company
that it has not complied with NASDAQ Marketplace Rule 5550(a)(2).
In accordance with the Company's plan to regain compliance, the
Company has requested its shareholders to authorize the Company's
Board of Directors to effect a reverse share split of all of the
Company's Ordinary Shares at a ratio not to exceed one-for-ten, in
its annual shareholders' meeting scheduled to take place on
December 29, 2009. The Company had initially been notified by
NASDAQ on August 13, 2008, that the bid price of its common stock
had closed at less than $1.00 per share over the previous 30
consecutive business days. NASDAQ suspended the enforcement of the
bid price requirement from October 16, 2008 through July 31, 2009
and upon reinstatement of the rules the Company had until November
27, 2009, to regain compliance. On September 29, 2009 the Company
received notice from the NASDAQ Staff that it no longer complied
with the minimum $2,500,000 in stockholders' equity requirement.
The Company timely submitted a plan to regain compliance with the
equity requirement, however as the Company has not regained
compliance with the minimum $1 bid price requirement the NASDAQ
Staff has determined to delist its securities from the Capital
Market. Accordingly, unless the Company requests an appeal of this
determination, trading of its common stock will be suspended at the
opening of business on December 9, 2009 and its common stock will
be removed from listing and registration on The NASDAQ Stock
Market. The Company intends to file the required appeal of the
Staff's determination to a NASDAQ Hearings Panel ("Panel"),
pursuant to the procedures set forth in the NASDAQ Marketplace Rule
5800 Series. A hearing request will stay the delisting of the
Company's securities pending the Panel's decision. However, there
can be no assurances that the Hearings Panel will grant such
request. ABOUT METALINK Metalink Ltd. (NASDAQ:MTLK) is a fabless
semiconductor Company engaged in the research, development and sale
of high-throughput wireless local area network (WLAN) chipsets, and
in the sale of high performance broadband access chip sets or
digital subscriber line (DSL) used by telecommunications and
networking equipment manufacturers. 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. 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: in light of our cash
status, our inability to raise additional funds or enter into other
strategic transactions on a timely basis may lead us 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 SEC, 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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