Alvarion added that in order to comply with the terms of this exception, on or before January 13, 2014, the company must emerge from bankruptcy proceedings in Israel.
Alvarion Ltd. (Nasdaq: ALVR; TASE: ALVR) has announced that on October 10, 2013, it received notice from Nasdaq to the effect that the Nasdaq Listing Qualifications Panel has granted it continued listing on Nasdaq through January 13, 2014.
Alvarion added that in order to comply with the terms of this exception, on or before January 13, 2014, the company must emerge from bankruptcy proceedings in Israel and demonstrate compliance with all applicable requirements for initial listing on Nasdaq. In the event that Alvarion does not satisfy the terms of the Panel's decision by January 13, 2014, the Panel will issue a final determination to delist the company's shares from Nasdaq.
Alvarion is in receivership but the court has accepted an offer by UK company Valley Telecom Ltd. to acquire the communications equipment company for NIS 38 million.
Published by Globes [online], Israel business news - www.globes-online.com - on October 15, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
Shiri Habib-Valdhorn and Gad Perez