TEL AVIV, Israel, June 1, 2016 /PRNewswire/ -- RiT Technologies
(NASDAQ: RITT), a leading provider of Converged Infrastructure
Management Solutions, announced today that:
- The Company received an additional (fourth) NASDAQ staff
deficiency letter dated May 26, 2016
(the "Letter"), stating that since the Company has not yet filed
its Form 20-F annual report for the period ended December 31, 2015 (the "Filing"), the Company no
longer complies with NASDAQ's Listing Rules for continued listing
(under NASDAQ Listing Rule 5250(c)(1)).
The Letter states that the Company must submit its plan to regain
compliance, no later than June 13,
2016. Following its submission and if NASDAQ accepts the
Company's plan, NASDAQ can grant the Company an extension of up to
180 calendar days from the Filing's due date, or until October 31, 2016 to regain
compliance.
- The Company received another (fifth) NASDAQ staff deficiency
letter dated May 26, 2016 (the
"Letter"), relating to non-compliance with NASDAQ's audit committee
composition requirements, under NASDAQ Listing Rule 5605(c)(2) (the
"Rule"). Previously, on April 12, 2016, NASDAQ notified the Company
that it was eligible for a cure period, through March 17, 2017, to
comply with the Rule due to the fact that there was one vacancy on
the Company's audit committee. However, due to the recent
resignations of Mr. Israel Frieder and Mr. Hanan Samet the Company
no longer has any independent directors remaining and therefore,
the Letter states that the Company is no longer eligible for the
cure period described in the NASDAQ's previous letter.
This Letter further states that the Company must submit its plan to
regain compliance, no later than June 13, 2016. Following its
submission and if NASDAQ accepts the Company's plan, NASDAQ can
grant the Company an extension of up to 180 calendar days from the
date of the Letter to evidence compliance.
About RiT Technologies
RiT Technologies (NASDAQ: RITT) is a leading provider of
converged IT infrastructure management and connectivity solutions.
RiT offers a platform that provides a unified way to manage
converged systems and services to improve network utilization,
streamline infrastructure operations, reduce network operation
cost, optimize future investments and enhance data security.
RiT's connectivity solution includes IIM - Intelligent
Infrastructure Management, high performance end-to-end structured
cabling solutions.
RiT Technologies' subsidiary RiT Wireless Ltd. produces a range
of optical wireless solutions under the Beamcaster brand, which
provide high speed, highly secure data communications across indoor
open spaces.
Deployed around the world in data centers, large corporations,
government agencies, financial institutions, telecommunications,
airport authorities, healthcare organizations and educational
facilities. RiT's shares are traded on the NASDAQ Capital Market
under the symbol RITT.
CONTACTS:
Yossi Ben Harosh, President and
CEO
yossibh@rittech.com
+972-77-2707270
www.rittech.com
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SOURCE RiT Technologies
