Alvarion Ltd. (Nasdaq: ALVR; TASE: ALVR) today announced that, on July 17, 2013, it received a delisting notice from Nasdaq's Listing Qualifications. The notice was sent due to Nasdaq's concerns stemming from the appointment of a receiver to enforce liens registered against the company, as well as the residual equity interest its shareholders.
Alvarion intends to request a hearing before the Nasdaq panel to review the decision, and has until today to file a request. The share will stay listed until the outcome of the hearing, the date of which has not been set.
Earlier this week, Tel Aviv District Court Judge Eitan Orenstin approved Alvarion's operating plan filed by receiver Yoav Kfir. The company will keep 55 employees, at a monthly salary of NIS 10,000 in an attempt to close a sale by August 23.
Alvarion's share price corrected upwards by 16.2% in morning trading on the TASE today to NIS 0.87, after falling 53.9% yesterday, when the TASE permitted trading to resume. The share price fell 46% on Nasdaq yesterday to $0.24, giving a market cap of $1.9 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 24, 2013
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