RiT Technologies gets 3rd NASDAQ deficiency letter

RiT Technologies (NASDAQ: RITT) has received a third NASDAQ staff deficiency, stating that the company no longer complies with NASDAQ´s audit committee composition requirements, due to the resignation of Galia Druker from RiT´s Board of Directors (and from its sub-committees, including the Audit Committee), the company said.

Druker served as an “External Director” (as defined in the Israeli Companies Law) and was designated as an “Independent Director” under NASDAQ Rules.

The Letter stated however that, under NASDAQ Rules, the company was provided with a cure period in order to regain compliance as follows: until the earlier of the company´s next annual shareholders´ meeting or March 17, 2017; or
if the next annual shareholders´ meeting is held before September 13, 2016, then the company must evidence compliance no later than September 13, 2016.”

RiT Technologies (NASDAQ: RITT) provides converged IT infrastructure management and connectivity solutions. RiT offers a platform that provides a unified way to manage converged systems and services to improve network utilization, streamline infrastructure operations, reduce network operation cost, optimize future investments and enhance data security.

RiT´s connectivity solution includes IIM – Intelligent Infrastructure Management, high performance end-to-end structured cabling solutions.

RiT Technologies´ subsidiary RiT Wireless Ltd. produces a range of optical wireless solutions under the Beamcaster brand, which provide high speed, highly secure data communications across indoor open spaces.