Nasdaq Delists Ability
Nasdaq has delisted ordinary shares from Ability, a provider of tactical communications intelligence solutions, and suspended trading in the shares on Dec. 26. Nasdaq had previously informed Ability that it did not have a minimum of $2.5 million in stockholders’ equity, or market value of listed securities of $35 million, or net income from continuing operations of $500,000 in the most recently completed fiscal year — which is a requirement for continued listing on the Nasdaq Capital Market.
Ability said in a statement that it had presented a plan of compliance at a hearing on Dec. 12, and requested a further extension of time, but the panel did not accept the company’s request. Nasdaq also informed the company that it will file a Notification of Removal from Listing with the Securities and Exchange Commission after applicable appeal periods have lapsed to notify the SEC of the delisting of the Company’s ordinary shares. The Company’s ordinary shares will continue to be listed on the Tel Aviv Stock Exchange.
Ability, which was founded in 1994, is headquartered in Tel Aviv and provides interception, geolocation for cellular and satellite communication, and cyber intelligence tools.