Alvarion Ltd. (in interim liquidation and receivership) (OTC: ALVRQ) said it was notified that the NASDAQ Listing Qualifications Hearings Panel has determined to delist the company´s ordinary shares from the NASDAQ Capital Market, and to suspend trading in the shares effective at the open of business on January 16, 2014.
The ordinary shares were subject to delisting from NASDAQ, pursuant to NASDAQ Listing Rule 5110(b), due to the company´s bankruptcy proceedings in Israel. On October 3, 2013, the company appeared before the panel, which subsequently granted the company an extension through January 13, 2014 to complete the receivership proceedings in Israel and evidence compliance with the applicable NASDAQ Listing Rules. The company failed to satisfy the terms of the panel´s decision.
The company may request that the NASDAQ Listing and Hearing Review Council review this decision. The appeal must be received within 15 days from the date of the Panel´s letter.
The company´s ordinary shares will begin trading on the OTC Market effective with the open of the market on January 16, 2014, under the trading symbol ALVRQ.
In addition, the company was advised by the Tel Aviv Stock Exchange, that trading in the company´s ordinary shares on the TASE will be suspended simultaneously with the commencement of suspension by NASDAQ.