ELBIT IMAGING ANNOUNCES UPDATE REGARDING NASDAQ CONTINUED LISTING DEFICIENCY NOTICE
December 13 2018 - 10:16AM
Elbit Imaging Ltd. (“EI” or the “Company”) (TASE, NASDAQ:
EMITF) announced today an update on its compliance with
the Listing Rules of the Nasdaq Stock Market
(“
Nasdaq”).
As previously disclosed, the Company received
written notification from Nasdaq, dated June 26, 2018, indicating
that the Company is no longer in compliance with the continued
listing requirement under Nasdaq Listing Rule 5450(b)(3)(C) because
the market value of its publicly held shares (“MVPHS”) was below
$15,000,000 for 30 consecutive business days. Pursuant
to Nasdaq Listing Rule 5810(c)(3)(D), the applicable grace period
to regain compliance is 180 calendar days, or until December 24,
2018. The Company can cure this deficiency if the Company’s MVPHS
closes at $15,000,000 or more for a minimum of ten consecutive
business days during the grace period.
The Company has concluded that it does not
expect to cure this deficiency by December 24, 2018. According to
the Nasdaq Listing Rules, the Company may, within seven days of the
date of a delisting determination notification from Nasdaq, request
a hearing before a Hearings Panel to review the delisting
determination. Such request will stay the delisting action pending
the decision of the Hearings Panel. The Company intends to submit
such a request for a hearing following receipt of delisting
determination notice.
About Elbit Imaging Ltd.
Elbit Imaging Ltd. operates in the following
principal fields of business: (i) medical industries through our
indirect holdings in Insightec Ltd. and Gamida Cell Ltd.; (ii) land
in India which is designated for sale (and which was initially
designated for residential projects); and (iii) land in Eastern
Europe which is designated for sale (and which was initially
designated for development of commercial centers).
For Further Information:
Company Contact |
|
Ron Hadassi |
|
CEO and Chairman of the Board of Directors |
|
Tel: +972-3-608-6048Fax: +972-3-608-6050 |
|
ron@elbitimaging.com |
|
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