Rail Vision Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

Rail Vision Ltd. (Nasdaq: RVSN) has announced that it has regained compliance with the minimum bid price requirement set forth by The Nasdaq Stock Market, LLC. The company's ordinary shares will continue to be listed and traded on the Nasdaq Capital Market after maintaining a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days.

Ra’anana, Israel, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN) (“Rail Vision” or the “Company”), a development stage technology company seeking to revolutionize railway safety and the data-related market, today announced that it has received formal notice from The Nasdaq Stock Market, LLC (“Nasdaq”) stating that the Company has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). Rail Vision is now in compliance with all applicable listing standards and its ordinary shares will continue to be listed and traded on the Nasdaq Capital Market.

The Company was notified by Nasdaq on June 7, 2023, that its ordinary shares had failed to maintain a minimum bid price of $1.00 for 30 consecutive business days. Nasdaq provided a 180-calendar day period following the date of the notice to regain compliance, or until December 4, 2023. To regain compliance with the minimum bid price requirement, the Company was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days. From November 15, 2023 through November 29, 2023, a period of 10 consecutive trading days, the closing bid price of the Company’s ordinary shares was greater than $1.00 per share.

About Rail Vision Ltd.

Rail Vision is a development stage technology company that is seeking to revolutionize railway safety and the data-related market. The company has developed cutting edge, artificial intelligence based, industry-leading technology specifically designed for railways. The company has developed its railway detection and systems to save lives, increase efficiency, and dramatically reduce expenses for the railway operators. Rail Vision believes that its technology will significantly increase railway safety around the world, while creating significant benefits and adding value to everyone who relies on the train ecosystem: from passengers using trains for transportation to companies that use railways to deliver goods and services. In addition, the company believes that its technology has the potential to advance the revolutionary concept of autonomous trains into a practical reality. For more information, please visit https://www.railvision.io/

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report on Form 20-F filed with the SEC on March 23, 2023. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Rail Vision is not responsible for the contents of third-party websites.

Contacts

Shahar Hania
Chief Executive Officer
Rail Vision Ltd.
15 Ha'Tidhar St
Ra'anana, 4366517 Israel
Telephone: +972- 9-957-7706

Investor Relations:

Dave Gentry, CEO
RedChip Companies Inc.
407-491-4498
RVSN@redchip.com

FAQ

What is the latest announcement from Rail Vision Ltd. (Nasdaq: RVSN)?

Rail Vision Ltd. (Nasdaq: RVSN) has regained compliance with the minimum bid price requirement set forth by The Nasdaq Stock Market, LLC.

What market will Rail Vision Ltd. (Nasdaq: RVSN) continue to be listed and traded on?

Rail Vision Ltd. (Nasdaq: RVSN) will continue to be listed and traded on the Nasdaq Capital Market.

What was the minimum bid price requirement that Rail Vision Ltd. (Nasdaq: RVSN) had to maintain?

Rail Vision Ltd. (Nasdaq: RVSN) was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days.