The company has failed to comply with the minimum stockholders' equity requirement.
Elbit Vision Systems (Nasdaq: EVSN) announced today that it had received a Nasdaq Staff Determination on August 27, 2003 indicating that it failed to comply with the minimum stockholders' equity requirement, for continued listing. Its securities will therefore be delisted from the Nasdaq SmallCap Market at the opening of business on September 8, 2003.
Elbit Vision Systems stock is currently trading at $0.33 per share, giving the company a market cap of some $3.36 million. Trading volumes in the share have been several times the normal daily average in the past couple of days. The share price soared yesterday to over $0.50, but has fallen back today.
Elbit Vision Systems was established in 1991. It develops and sells computerized vision technology for the textile market The company has its headquarters in Yokne'am, Israel, with offices in the United States, Europe and Asia.
Published by Globes [online] - www.globes.co.il - on September 3, 2003