Israel’s Gilat Satellite Networks has received notice from the Nasdaq National Market (NNM) advising the company that it is not in compliance with Nasdaq's minimum bid Marketplace Rule 4450(a)(5). The letter further stipulates that the company must request a hearing with the Nasdaq Listing Qualifications Panel by December 11, 2002, to review its listing status, in order to avoid potential action by the panel.
The Company has requested a hearing, staying any potential action pending a decision by the Nasdaq Listing Qualifications Panel. The Company states that it has anticipated this issue and plans to address it as part of its debt restructuring plan. The company believes that it can take measures to ensure that it is in compliance with NNM's requirements for continued listing on the NNM, although there can be no assurance that this will be the case.
Gilat Satellite Networks, with its global subsidiaries Spacenet and Gilat Latin America, is a provider of telecommunications solutions based on Very Small Aperture Terminal (VSAT) satellite network technology - with nearly 400,000 VSATs shipped worldwide. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
