Shares in Comverse Technology Inc. (Pink Sheets: CMVT) US subsidiary Ulticom Inc. (Nasdaq: ULCM) have resumed trading on the Nasdaq Global Market after the Nasdaq Stock Market LLC approved the company's application for relisting on Tuesday.
Ulticom was relegated to the Pink Sheets, along with Comverse and its sister company Verint Systems Inc. (Pink Sheets: VRNT) in 2006 because they stopped publishing their financial reports due to the executive options backdating scandal. Comverse owns 68% of Ulticom, which develops network signaling solutions software and hardware for communications operators.
Ulticom returned to Nasdaq after carrying out a reverse split at a 1-to-4 ratio. The share rose 1.1% to $9 yesterday, above the Nasdaq General Market threshold share price of $4.
Ulticom also announced that it will publish its financial report for the fiscal third quarter ended October 31, 2009 on December 10.
Comverse president and CEO Andre Dahan is chairman of Ulticom. Comverse acquired the company in 1995, and floated the company in 2000. Comverse has tried to sell the company, but found no takers. It cannot be ruled out that, in the wake of the return to Nasdaq, Comverse may again try to sell the company.
Published by Globes [online], Israel business news - www.globes-online.com - on November 26, 2009
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