Isreal’s Gilat Satellite Networks received notice from the Nasdaq National Market (NNM) advising the company that it is not in compliance with Nasdaq's annual meeting and proxy solicitation requirement, Marketplace Rule 4350(e) and 4350(g).
The Company met with the Nasdaq hearing panel on January 10, to address this issue and to discuss upcoming corrective action by the Company. The Nasdaq Marketplace Rules require listed companies to hold an annual meeting and solicit a proxy during each calendar year.
The Company rescheduled its annual meeting from the fourth quarter 2002 to the second quarter of 2003 in anticipation of the forthcoming creditors' meetings scheduled for February 2003. The Company expects to hold its Annual General Meeting during the second quarter 2003 and believes that it can take the appropriate measures to ensure that it is in compliance with NNM's requirements for continued listing.
The Company also states that its debt restructuring plan remains on-track and expects to bring the process to closure during the first quarter 2003. The Company operations continue as normal throughout this process.
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)
© 2003 Mena Report (www.menareport.com)
