Actelis Regains Compliance with Nasdaq Minimum Closing Bid Price Rule

Rhea-AI Summary

Actelis Networks (NASDAQ:ASNS) announced it has regained compliance with Nasdaq's minimum bid price rule. The company received a notice from Nasdaq confirming that its ordinary shares maintained a minimum bid price of $1.00 per share for 10 consecutive business days, satisfying the requirement set forth in Nasdaq Listing Rule 5550(a)(2). As a result, Nasdaq has closed the previous bid price deficiency matter for Actelis.

Positive

• Actelis Networks has regained compliance with Nasdaq's minimum bid price rule.
• The company's shares maintained a minimum bid price of $1.00 per share for 10 consecutive business days.

Negative

• None.

FREMONT, Calif., June 20, 2024 (GLOBE NEWSWIRE) -- Actelis Networks, Inc. (NASDAQ:ASNS) (“Actelis” or the “Company”), a market leader in cyber-hardened, rapid deployment networking solutions for IoT applications, today announced that it has received a written notice from The Nasdaq Stock Market LLC ("Nasdaq") that the Company has regained compliance with the minimum bid price requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(2), which requires listed securities, including the Company's ordinary shares, to maintain a minimum bid price of $1.00 per share.

The Nasdaq staff made this determination of compliance after the closing bid price of the Company's ordinary shares was at $1.00 per share or greater for the 10 consecutive business days prior to the date of the notice. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2), and Nasdaq considers the prior bid price deficiency matter now closed.

About Actelis Networks, Inc.
Actelis Networks, Inc. (NASDAQ: ASNS) is a market leader in cyber-hardened, rapid-deployment networking solutions for wide-area IoT applications including federal, state and local government, ITS, military, utility, rail, telecom and campus applications. Actelis’ unique portfolio of hybrid fiber-copper, environmentally hardened aggregation switches, high density Ethernet devices, advanced management software and cyber-protection capabilities, unlocks the hidden value of essential networks, delivering safer connectivity for rapid, cost-effective deployment. For more information, please visit www.actelis.com.

Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Actelis Media Contact
Sean Renn
Global VP Marketing & Communications
srenn@actelis.com

Actelis Investor Relations Contact
Kirin Smith
PCG Advisory, Inc.
Ksmith@pcgadvisory.com

FAQ

What Nasdaq rule did Actelis (ASNS) comply with?

Actelis complied with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share.

How did Actelis (ASNS) regain compliance with Nasdaq?

Actelis regained compliance by maintaining a closing bid price of $1.00 per share or greater for 10 consecutive business days.

When did Actelis (ASNS) announce its compliance with Nasdaq's minimum bid price rule?

Actelis announced its compliance on June 20, 2024.

What was the required minimum bid price for Actelis (ASNS) to remain listed on Nasdaq?

The required minimum bid price was $1.00 per share.