ROSH PINNA, Israel, April 24,
2019 /PRNewswire/ -- On Track Innovations Ltd. (OTI)
(Nasdaq: OTIV), a global provider of near field communication (NFC)
and cashless payment solutions, today announced that on
April 23, 2019, it received
notification from the Listing Qualifications Department of the
Nasdaq Stock Market indicating that the Company will have an
additional 180 day grace period to regain compliance with Nasdaq's
$1.00 minimum bid requirement. The
additional grace period ends on October 21,
2019.
The notification indicated that the Company did not regain
compliance during the initial 180-day grace period provided under
Nasdaq Marketplace Rule 5810(c)(3)(A). In accordance with the rule,
the Company is eligible for the additional grace period because it
meets the initial listing requirements for the Nasdaq Capital
Market, except for the bid-price requirement.
The Company can regain compliance by maintaining a minimum
closing bid price of $1.00 per share
for 10 consecutive business days. If the Company does not meet the
minimum bid requirement during the additional 180-day grace period,
the Company still retains the option to implement a reverse stock
split up to ten business days prior to the expiration date in order
to timely regain compliance.
This current notification from Nasdaq has no immediate effect on
the listing or trading of the company's common stock, which will
continue to trade on the Nasdaq Capital Market under the symbol
"OTIV".
About OTI
On Track Innovations (OTI) is a global leader in the design,
manufacture and sale of secure cashless payment solutions using
contactless NFC technology. OTI's field-proven innovations have
been deployed around the world to address cashless payment and
management requirements for the Internet of Payment Things (IoPT),
wearables, automated retail and petroleum markets. OTI distributes
and supports its solutions through a global network of regional
offices and alliances. OTI is the proud recipient of the 2017 AI
Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit
www.otiglobal.com.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and other Federal securities laws. Whenever we use words such as
"will," "expect," "look forward," "intend," "plan," "estimate" or
similar expressions, we are making forward-looking statements. For
example, we are using forward-looking statements when we discuss
our expectations regarding our growth, revenues, profitability,
accelerating our momentum in Russia over the coming quarters and years,
plans for our existing and new products and services, penetration
of new markets and securing new customers, position in the market,
contributions of new or existing regions or markets to our growth,
strengthening of our balance sheet and delivery long-term
shareholder value. Because such statements deal with future events
and are based on OTI's current expectations, they are subject to
various risks and uncertainties and actual results, performance or
achievements of OTI could differ materially from those described in
or implied by the statements in this press release. Additional
factors that could cause actual results to differ materially from
those anticipated by our forward-looking statements are stated
under the captions "Risk Factors" in our most recent Annual Report
(Form 10-K) and other known and unknown uncertainties and risk
factors including those detailed from time to time in the Company's
filings with the Securities and Exchange Commission.
Forward-looking statements are made as of the date of this release,
and we expressly disclaim any obligation or undertaking to update
forward-looking statements. The reader is cautioned not to place
undue reliance on forward-looking statements.
OTI Press Contact:
Richard Harris
Marketing Manager
+972-4-686-8004
press@otiglobal.com
Investor Relations Contact:
Gavriel Frohwein
+1-646-688-3559
oti@gkir.com
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SOURCE On Track Innovations Ltd. (OTI)