Israel’s LanOptics, a provider of network processors has received notice of a Nasdaq Staff Determination that the Company failed to comply with a Marketplace Rule, which requires for continued listing that LanOptics' Ordinary Shares have a minimum aggregate market value of $50 million and that its ordinary shares are subject to delisting from the Nasdaq National Market.
LanOptics presently has 8,467,285 ordinary shares outstanding. The closing sale price for LanOptics' Ordinary Shares on the Nasdaq National Market this month was $4.99. LanOptics is requesting an appeal hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination.
Under Nasdaq Marketplace Rules, LanOptics' request will automatically stay the delisting pending the Panel's review and determination. Nasdaq staff will determine the date of LanOptics' appeal hearing. LanOptics' ordinary shares will continue to trade on the Nasdaq National Market pending a decision by the Panel. At this time, LanOptics is in compliance with all of the continued listing requirements of the Nasdaq National Market except for the market capitalization requirement.
LanOptics is focused on its subsidiary, EZchip Technologies, a fabless semiconductor company providing high-speed network processors. EZchip's breakthrough TOPcore technology provides both packet processing and classification on a single chip at wire speed.
EZchip's single-chip solutions are used for building networking equipment with extensive savings in chip count, power and cost. Highly flexible 7-layer processing enables a wide range of applications to deliver advanced services for the metro, carrier edge and core and enterprise backbone. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
