4G wireless broadband solutions company Alvarion Ltd. (Nasdaq: ALVR; TASE: ALVR) has announced that it has received a warning letter from Nasdaq threatening that its shares are likely to be delisted from the market. The company revealed this in the financial reports for 2011 that it has filed with the US Securities and Exchange Commission (SEC).
The reason for the delisting warning is that as of April 25 Alvarion's closing share price had been below $1 for the previous 30 business days. This is a violation of one of the basic conditions of Nasdaq. The company has now been given a further 180 days for its share price to be over $1 for 10 consecutive trading days.
If the company is unable to comply by October 23 2012, Alvarion can request an extension but it is not certain that it would be granted.
Alvarion's share price closed at $0.75 on Nasdaq yesterday, giving a market cap of $46.76 million. The company's share price was down 5.8% on the TASE this morning at NIS 2.70.
Published by Globes, Israel business news - www.globes-online.com - on May 1, 2012
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