D. Medical Receives NASDAQ Notification of Non-Compliance With the Minimum $2.5 Million Stockholders' Equity Requirement
10 Mai 2012 - 4:15PM
D. Medical Industries Ltd. (Nasdaq:DMED) (TASE:DMED) ("D. Medical"
or the "Company") announced today that it received a letter from
The NASDAQ Stock Market LLC ("
NASDAQ") on May 7,
2012, indicating that based on the Company's stockholders' equity
of US$1,137,000, as reported in the Company's Annual Report on Form
20-F for the year ended December 31, 2011, the Company is no longer
in compliance with the US$2.5 million minimum stockholders' equity
requirement for continued listing on the NASDAQ Capital Market
under Listing Rule 5550(b)(1).
According to the letter, the Company now has a period of 45
calendar days from the date of the letter, or until June 21, 2012,
to submit a plan to regain compliance. If NASDAQ accepts the
Company's plan, of which there can be no assurance, NASDAQ may
grant the Company an extension of up to 180 days from the date of
the letter, to achieve and sustain compliance. As a result of the
public offering conducted in Israel in January 2012, the Company is
currently anticipating that its stockholders' equity as of March
31, 2012 shall be higher than US$2.5 million.
About D. Medical
D. Medical is a medical device company that holds through its
subsidiaries a portfolio of products and intellectual property in
the area of insulin and drug delivery. D. Medical has developed
durable and semi-disposable insulin pumps, which continuously
infuse insulin into a patient's body, using its proprietary
spring-based delivery technology. D. Medical believes that its
spring-based delivery mechanism is cost-effective compared to the
motor and gear train mechanisms that drive competitive insulin
pumps and also allows it to incorporate certain advantageous
functions and design features in its insulin pumps. For more
information, please visit http://www.dmedicalindustries.com
(corporate) and http://www.springnow.com (healthcare professionals,
patients and care givers).
Forward-Looking Statements
This press release contains forward-looking statements (as
defined by the Israeli Securities Law, 1968, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) relating, among
others, to the Company's ability to regain compliance with the
applicable NASDAQ Listing Rules and its expected shareholders'
equity as of March 31, 2012. The forward-looking statements involve
risks and uncertainties, and are based on D. Medical's current
expectations and beliefs. No assurances can be given that any of
the events anticipated by the forward-looking statements will
transpire or occur, or of any of them will transpire or occur, what
impact it will have on D. Medical's results of operations or
financial condition. D. Medicals does not undertake to update any
forward-looking statements.
CONTACT: Company Contact:
Amir Loberman
Chief Financial Officer
D. Medical Industries LTD
T: +972-73-2507135
info@springnow.com
North American Investor Contact:
Stephen Kilmer
Kilmer Lucas Inc.
T: 212-618-6347
stephen@kilmerlucas.com
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