The wave of dual-listed companies being delisted from the Tel Aviv Stock Exchange (TASE) is striking again. In addition to the healthcare companies that recently announced their delisting, communications equipment manufacturer company Ceragon Networks Ltd. (Nasdaq: CRNT; TASE:CRNT) is following the same path. The company today announced its intention of being delisting from the TASE, leaving it listed exclusively on Nasdaq. It is relatively easy for a dual-listed company to delist from the TASE; all it has to do is to provide 90 days notice. Ceragon will be traded on the TASE until December 11, when it will be delisted.
Managed by president and CEO Ira Palti, Ceragon provides wireless high capacity solutions for communications between base stations and the main network switch. Ceragon said today, "The company believes that having its shares traded in one theater will be more effective and also more beneficial for both the investors and the company." The company probably hopes that being traded only on Nasdaq will help increase its trading volumes, and might also boost its share price. Trading volumes in the share are currently not very large on either stock exchange.
Revenue up, share price down
Ceragon has been listed on the TASE since 2004, and on Nasdaq since 2000. The company's market cap is $163 million, following a 20% drop over the past year. Ceragon is actually the last company in the Rad group (controlled by the Zisapel brothers) still listed on the TASE. The shares of Rad group companies Radware Ltd. (Nasdaq:RDWR), Radcom Ltd. (Nasdaq: RDCM), and Silicom Ltd. (Nasdaq:SILC) were delisted from the TASE in previous years.
Published by Globes [online], Israel Business News - www.globes-online.com - on September 11, 2017
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