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RISHON LEZION, Israel, Oct. 9, 2012 (GLOBE NEWSWIRE) -- B.O.S. Better Online Solutions Ltd. ("BOS" or the "Company") (Nasdaq:BOSC), today announced that it received a written notice from the Nasdaq Hearing Panel (the "Panel") granting the Company's request for continued listing on The Nasdaq Stock Market until the end of 2012.
On January 17, 2012, the Nasdaq Staff initially notified the Company that the bid price of its listed security had closed at less than $1.00 per share over the previous 30 consecutive business days, and, as a result, did not comply with Listing Rule 5550(a)(2) (the "Rule"). The Company has not regained compliance with the Rule within the 180 calendar days provided under Listing Rule 5810(c)(3)(A) and its securities were therefore subject to delisting. On July 19, 2012, the Company requested a hearing with the Panel, and a hearing was held on August 30, 2012.
The Panel determined that the continued listing of the Company's securities on Nasdaq is contingent on:
The Company affecting a reverse stock split in the ratio of 1 for 4 by not later than December 15, 2012.
On or before January 16, 2013, the Company must evidence a closing bid price of $1.00 or more for a minimum of ten prior consecutive trading days.
On or before October 31, 2012, the Company must inform the Panel in writing that the Board of Directors has authorized a shareholders meeting in order to consider and vote upon a reverse stock split by setting a date for the meeting and including in the agenda a vote to approve a reverse stock split in the ratio of 1 for 4.
There can be no assurance that such reverse split shall be approved or that, if approved, the closing bid price shall be $1.00 or more for a minimum of ten prior consecutive trading days. Furthermore, the Panel has reserved the right to extend the aforementioned ten-day period and to reconsider the continued listing based on any event, condition or circumstance that exists or develops that would, in the opinion of the Panel, make continued listing inadvisable or unwarranted.