Orckit (ORCT) to Continue Trading on Nasdaq CM
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Orckit Communications Ltd. (Nasdaq: ORCT) announced that a NASDAQ Listing Qualifications Panel (the "Panel") has granted the Company's request for continued listing and for a transfer of its listing to The NASDAQ Capital Market. Accordingly, the Company's ordinary shares will begin trading on The NASDAQ Capital Market effective with the open of business on Friday, March 30, 2012. The transfer of the Company's listing from The NASDAQ Global Market to The NASDAQ Capital Market should have no impact on trading in the Company's ordinary shares, and the Company's ordinary shares will continue to trade under the symbol ORCT. In addition, the transfer will not impact the Company's listing on the Tel Aviv Stock Exchange.
The Company's continued listing on The NASDAQ Capital Market is subject to certain conditions, including the Company's filing of a Form 6-K with the Securities and Exchange Commission by June 27, 2012 indicating that the Company satisfies the applicable $2.5 million stockholders' equity requirement for continued listing on the Capital Market, and the submission of financial projections for the Panel's review evidencing the Company's ability to sustain compliance with that requirement through the end of 2012. The Company also remains subject to a grace period through August 13, 2012, by which date the Company must evidence compliance with NASDAQ's minimum bid price requirement of $1.00 per share. In the event the Company does not regain compliance with the bid price requirement by that date, it may be eligible for an additional 180-day compliance period, provided it meets all initial listing criteria for the Capital Market, with the exception of the bid price and market value of publicly held shares requirements.
The Company's continued listing on The NASDAQ Capital Market is subject to certain conditions, including the Company's filing of a Form 6-K with the Securities and Exchange Commission by June 27, 2012 indicating that the Company satisfies the applicable $2.5 million stockholders' equity requirement for continued listing on the Capital Market, and the submission of financial projections for the Panel's review evidencing the Company's ability to sustain compliance with that requirement through the end of 2012. The Company also remains subject to a grace period through August 13, 2012, by which date the Company must evidence compliance with NASDAQ's minimum bid price requirement of $1.00 per share. In the event the Company does not regain compliance with the bid price requirement by that date, it may be eligible for an additional 180-day compliance period, provided it meets all initial listing criteria for the Capital Market, with the exception of the bid price and market value of publicly held shares requirements.
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