Alvarion (in interim liquidation and receivership) (NASDAQ: ALVR) said it has received notice from the Listing Qualifications Staff of The NASDAQ Stock Market LLC indicating that the company´s failure to solicit proxies and to hold an annual meeting of shareholders for fiscal year 2013, and its failure to file a Form 6-K containing interim financial statements for the period ended June 30, 2013, may serve as additional bases for the delisting of the company´s securities from NASDAQ.
The company said it has been provided with the opportunity to present its plan to evidence compliance with those requirements for review by the NASDAQ Listing Qualifications Panel and that it intends to do so.
The panel previously granted the company´s request for continued listing on The NASDAQ Capital Market through January 13, 2014. In order to remain listed on NASDAQ, 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 The NASDAQ Capital Market, including evidencing a stock price of at least USD3.00 per share. In the event the company does not satisfy the terms of the panel´s decision by January 13, 2014, the panel is expected to issue a determination to delist the company´s shares from NASDAQ.
In addition, the company has been previously notified by NASDAQ that its closing bid price has been less than USD1.00 per ordinary share for 30 consecutive business days and that it therefore does not satisfy NASDAQ´s minimum bid requirement of USD1.00 per share necessary for continued listing on The NASDAQ Capital Market.