OTI Reports NASDAQ Listing Rule Deficiency Notice
ROSH PINA, Israel, Dec 6, 2012 (Menafn - GlobeNewswire via COMTEX) --On Track Innovations Ltd. ("OTI") OTIV announced today that on December 3, 2012, it received a NASDAQ Staff Deficiency Letter (the "NASDAQ Letter") notifying that OTI fails to comply with the majority independent board and audit committee requirements for continued listing on the NASDAQ Stock Market under Listing Rules 5605(b)(1) and 5605(c)(2), respectively.
Listing Rule 5605(b)(1) requires that a majority of a listed company's board of directors be comprised of independent directors, and Listing Rule 5605(c)(2) requires a listed company to have an audit committee comprised of at least three independent members. OTI's board of directors currently consists of three members, only one of which is an independent director.
The NASDAQ Letter provides that OTI has 45 calendar days to submit a plan to regain compliance. If the plan is accepted, NASDAQ can grant an extension of up to 180 calendar days from the date of the NASDAQ Letter for OTI to demonstrate compliance.
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SOURCE: On Track Innovations Ltd.
CONTACT: OTI Contacts:
VP, Corporate Relations
732 429 1900 ext. 111
Todd Fromer / Garth Russell
KCSA Strategic Communications
212-896-1215 / 212-896-1250
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