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B Communications Ltd. (NASDAQ: BCOM) has appointed Ajit Pai, former FCC Chairman, to its Board of Directors effective May 4, 2021. Pai's extensive experience in telecommunications and regulatory policy is expected to benefit BCOM and its subsidiary, Bezeq, the largest telecommunications provider in Israel. His past initiatives at the FCC include closing the digital divide and advancing wireless technologies. BCOM aims to strengthen Israel's digital infrastructure as it transitions from a start-up to a scale-up nation.
B Communications Ltd. (NASDAQ: BCOM) announced its intention to voluntarily delist from the NASDAQ and terminate SEC reporting requirements. This decision will be filed with the SEC by September 8, 2020, and follow with deregistration by September 21, 2020. The delisting will help reduce administrative costs and allow management to focus on its primary investor base in Israel. Despite the delisting, BCOM shares will continue to trade on the Tel Aviv Stock Exchange (TASE) and the company will maintain reporting obligations to the Israel Securities Authority.
B Communications Ltd. (NASDAQ: BCOM) reported its Q1 2020 financial results, reflecting a 3.1% decline in consolidated revenues to NIS 2.19 billion ($613 million) compared to Q1 2019. Despite this decrease, net profit increased by 34.1% to NIS 307 million ($86 million), driven by reduced financing expenses. The company's liquidity as of March 31, 2020, stood at NIS 495 million ($139 million), with total financial liabilities of NIS 1.89 billion ($531 million). Although COVID-19 impacted roaming and retail sales, B Communications expects limited long-term effects.
B Communications Ltd. (NASDAQ: BCOM) has announced that it has regained compliance with Nasdaq's $1 minimum bid price requirement. On May 13, 2020, Nasdaq confirmed that BCOM's closing bid price was consistently above $1 for ten consecutive business days, from April 25 to May 12, 2020. This resolution closes the previous non-compliance issue. B Communications holds a controlling 26.34% interest in Bezeq, Israel's largest telecom provider, which offers a wide range of communication services.
