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Tel Aviv, Israel, Dec. 27, 2018 (GLOBE NEWSWIRE) — Elbit Imaging Ltd. (“EI” or the “Company”) (TASE, NASDAQ: EMITF) appear today that it accustomed a letter from the Advertisement Qualifications Department of The Nasdaq Stock Bazaar (the “Staff“) advertence that the Company did not accommodated the Staff’s December 24, 2018 borderline to achieve acquiescence with Nasdaq Advertisement Rule 5450(b)(3)(C) due to the Company’s abortion to advance a minimum bazaar amount of its about captivated shares of $15,000,000 for 30 after business days.
As a result, the Company would be accountable to delisting on January 4, 2019 unless it requests a audition afore a Nasdaq Hearings Panel (the “Panel“).
As ahead disclosed, the Company intends to appeal a audition afore the Panel at which it will present its plan of acquiescence and appeal a added addendum of time.
This appeal will commonly automatically break any delisting or abeyance activity awaiting the arising of a final accommodation by the Panel; however, the Nasdaq has ample arbitrary accessible absorption ascendancy that it can exercise to administer added or added acrimonious belief for the connected advertisement of the Company’s accustomed shares, or append or delist securities. There can be no affirmation that the Panel will ultimately admission an addendum of the acquiescence period.
About Elbit Imaging Ltd.
Elbit Imaging Ltd. operates in the afterward arch fields of business: (i) medical industries through our aberrant backing in Insightec Ltd. and Gamida Cell Ltd.; (ii) acreage in India which is appointed for auction (and which was initially appointed for residential projects); and (iii) acreage in Eastern Europe which is appointed for auction (and which was initially appointed for development of bartering centers).
For Added Information:
CEO and Chairman of the Board of Directors