Orckit (ORCT) Gets Delisting Notice from Nasdaq; Will Request Hearing
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Orckit Communications Ltd. (Nasdaq: ORCT), announced that, on January 3, 2012, it received a written notification (the "Determination Letter") from the Listing Qualifications Department (the "Staff) of The NASDAQ Stock Market LLC stating that the Company's ordinary shares would be subject to delisting from The Nasdaq Global Market, unless the Company timely requests a hearing before a Nasdaq Listing Qualifications Panel (the "Panel"), because the Company did not meet the requirement to maintain a minimum of $10 million in shareholders' equity, as set forth in Nasdaq Listing Rule 5450(b)(1)(A).
The Company intends to request a hearing before the Panel, which will stay any action with respect to the Determination Letter and allow the continued listing of the Company's ordinary shares until the Panel renders a decision subsequent to the hearing.
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The Company intends to request a hearing before the Panel, which will stay any action with respect to the Determination Letter and allow the continued listing of the Company's ordinary shares until the Panel renders a decision subsequent to the hearing.
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