Rail Vision Receives Nasdaq Notification Regarding Minimum Bid Requirements
09 Junho 2023 - 5:05PM
Rail Vision Ltd. (the “Company”) (Nasdaq: RVSN), a technology
company that is seeking to revolutionize railway safety and the
data-related market, announced today that on June 8, 2023, the
Company received a written notice from the Nasdaq Stock Market LLC
(“Nasdaq”) indicating that the Company was not in compliance with
Nasdaq Listing Rule 5550(a)(2), as the Company’s closing bid price
for its Ordinary Shares was below $1.00 per share for the last 30
consecutive business days.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A),
the Company has been granted a 180-calendar day compliance period,
or until December 4, 2023, to regain compliance with the minimum
bid price requirement. During the compliance period, the Company’s
Ordinary Shares will continue to be listed and traded on the Nasdaq
Stock Market. To regain compliance, the closing bid price of the
Company’s Ordinary Shares must meet or exceed $1.00 per share for
at least 10 consecutive business days during the 180-calendar day
compliance period.
If the Company is not in compliance by December
4, 2023, the Company may be afforded a second 180-calendar day
compliance period. To qualify for this additional time, the Company
will be required to meet the continued listing requirement for
market value of publicly held shares and all other initial listing
standards for The Nasdaq Capital Market with the exception of the
minimum bid price requirement and will need to provide written
notice of its intention to cure the deficiency during the second
compliance period. If the Company does not regain compliance within
the allotted compliance period(s), including any extensions that
may be granted by Nasdaq, Nasdaq will provide notice that the
Company’s Ordinary Shares will be subject to delisting.
The Company intends to monitor the closing bid
price of its Ordinary Shares between now and December 4, 2023, and
will consider available options to resolve the Company’s
noncompliance with the minimum bid price requirement as may be
necessary. There can be no assurance that the Company will be able
to regain compliance with the minimum bid price requirement or will
otherwise be in compliance with other Nasdaq listing criteria.
About Rail Vision Ltd.
Rail Vision is a 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. For example, the Company is
using forward-looking statements when it discusses conducting the
pilot program. 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.
407-491-4498RVSN@redchip.com
SOURCE: Rail Vision Ltd.
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