YAKUM, Israel, October 18, 2010 /PRNewswire-FirstCall/ -- Metalink Ltd. (NASDAQ: MTLK) today announced that it has received notification from The NASDAQ Stock Market that it is no longer in compliance with the continued listing requirements for The NASDAQ Capital Market (Rule 5550(a)(2)) as a result of the closing bid price per share of the Company's ordinary shares falling below the minimum trading price of $1.00 for thirty consecutive business days.
NASDAQ provided Metalink with a compliance period of 180 calendar days, or until April 11, 2011, to regain compliance with the bid price requirement before its shares will be delisted from NASDAQ. Compliance is achieved if, at anytime before April 11, 2011, the bid price of the Company's ordinary shares closes at $1.00 per share or more for at least 10 consecutive business days. At the end of such compliance period, the Company may be afforded an additional compliance period of 180 days if it meets the other initial listing requirements of the NASDAQ Capital Market at that time.
Metalink shares trade on Nasdaq under the symbol "MTLK". For more information, please visit our website at http://www.MTLK.com.
Safe Harbor Statement
This press release contains "forward looking statements" within the meaning of the United States securities laws. Words such as "aim," "expect ," "estimate," "project," "forecast," "anticipate," "intend," "plan," "may ," "will," "could," "should," "believe," "predicts," "potential," "continue ," and similar expressions are intended to identify such forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to: absence of significant operations following the Lantiq transaction; uncertainty as to our future business model and our ability to identify and evaluate suitable business opportunities; and our U.S. shareholders may suffer adverse tax consequences if we will be classified as a passive foreign investment company. Additional factors that could cause actual results to differ materially from these forward-looking statements are set forth from time to time in Metalink's filings with the Securities and Exchange Commission, including Metalink's Annual Report in Form F-20. Readers are cautioned not to place undue reliance on forward- looking statements. Except as required by applicable law, the Company undertakes no obligation to republish or revise forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrences of unanticipated events. The Company cannot guarantee future results, events, and levels of activity, performance, or achievements.
Contact: Neta Eshed General Counsel Metalink Ltd. Tel: +972-77-4495900 Fax: +972-77-4495901 Neta@MTLK.com
SOURCE Metalink Ltd