Top Image Systems Nasdaq Notice of Deficiency
TEL AVIV, Israel and PLANO, Texas, Oct. 23, 2018 (GLOBE NEWSWIRE) -- On October 16, 2018, Top Image Systems Ltd. (the “Company”) (Nasdaq:TISA) received a deficiency letter from The Nasdaq Stock Market LLC (“Nasdaq“) indicating that the Company has failed to comply with the minimum bid price requirement under Rule 5550(a)(2) of the Nasdaq Listing Rules. Based on the closing bid prices for the Company’s Ordinary Shares for the 30 business days prior to the date of the letter, the Company failed to maintain the required $1.00 minimum closing bid price. The deficiency letter has no immediate effect on the listing of the Company’s Ordinary Shares - which will continue to trade on the Nasdaq under the symbol “TISA” at this time – or on the operations of our business. Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has until April 15, 2019 to regain compliance by meeting the continued listing standard. The continued listing standard will be met if the Company's Ordinary Shares have a closing bid price of at least $1.00 per share for 10 consecutive business days during the 180 calendar day grace period.
If the Company is unable to regain compliance with the continued listing requirements on or before April 15, 2019, it may be eligible for additional time to regain compliance with Nasdaq’s continued listing requirements. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Company meets these requirements, the Nasdaq Staff will inform it that it has been granted an additional 180 calendar days. However, if it appears to the Nasdaq Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, the Nasdaq Staff will provide notice that the company’s Ordinary Shares will be subject to delisting.
The Company is monitoring the bid price of its Ordinary Shares and will take all reasonable measures available to it to achieve compliance.
About Top Image Systems
is a global innovator of on-premise and cloud-based applications that optimize such as , , integrated receivables, and more. Whether originating from , electronic, paper or other sources, TIS solutions automatically capture, process and deliver content across enterprise applications, transforming information entering an organization into useful and accessible electronic data, delivering it directly and efficiently to the relevant business system or person for action with as little manual handling as possible. TIS’ solutions are marketed in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers and strategic partners. Visit the company's website at for more information.
Top Image Systems Caution Concerning Forward-Looking Statements
Certain matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied in those forward-looking statements. Words such as "will," "expects," "anticipates," "estimates," and words and terms of similar substance in connection with any discussion of future operating or financial performance identify forward-looking statements. These statements are based on management's current expectations or beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially including, but not limited to, risks in product development, approval and introduction plans and schedules, rapid technological change, customer acceptance of new products, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Israel, government regulation, litigation, general economic conditions and other risk factors detailed in the
Company's most recent annual report on Form 20-F and other subsequent filings with the United States Securities and Exchange Commission. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
TIS Investors Contact:
James Carbonara, Regional Vice President, Hayden IR
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