Document management and validation solutions provider Top Image Systems Ltd. (Nasdaq: TISA; TASE:TISA) has been notified by Nasdaq that it had regained compliance with Nasdaq's minimum bid price listing requirements.
Top Image's share closed at $1.10 on Nasdaq on Friday, giving a market cap of $10.2 million. The share soared 32.4% at the opening on the TASE today to NIS 4.89.
Nasdaq notified Top Image on September 16, 2009 that it was not in compliance with the minimum bid price requirement of $1 per share for continued listing, and that the company has 180 days to regain compliance - a share price of over $1 for ten consecutive trading days.
Top Image CEO Ido Schechter said, "We are pleased to be back in compliance with Nasdaq's bid rule. It is encouraging to see investors reacting favorably to some recent business and financial announcements we have made to improve our capital position."
Published by Globes [online], Israel business news - www.globes-online.com - on February 16, 2010
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